Exports reach $70.3 B

MAKATI – Department of Trade and Industry (DTI) Secretary Ramon Lopez said that Philippine exports reached a recordhigh of US$70.3 billion in 2019 from US$69.3 last year despite external headwinds from the global trade policy uncertainties, geopolitical tensions, and country-specific challenges.

“The relatively strong export performance of the Philippines transpired amid DTI’s strong efforts in attracting investments, spurring MSME development, and promoting the ease of doing business,” said Sec. Lopez.

Growing at 1.5% yearto-date (ytd), the country’s export growth is also the second-best performer among East Asian econo

mies, next to Vietnam. The Philippines, China, and Vietnam were the only three countries that reported positive export performance among 11 tradeoriented Asian economies last year.

“Our goal was to expand the productive capacity and export base as well as in actively enhancing trade relations with existing partner economies, by marketing products abroad and exploring

new export markets,” the trade chief said.

For the first time, electronics exports hit US$ 40 billion with a 4.4% growth ytd. The sector comprised of 56.9% of total exports, with non-electronic products making up the remaining 43.1% at US$30.3 billion. For non-electronic products, top growers are: mineral products; fruits and vegetables; and travel goods and handbags.