EXPORTS UP IN APRIL ON PH PIVOT TO ASIA
External trade in April rose 4.6 percent year-on-year to $11.66 billion mainly on a double-digit jump in exports supported by closer economic ties with Asian countries such as China, India and the United Arab Emirates, the government reported yesterday.
Manufacturing growth as measured by the Volume of Production Index, however, slowed last April to 5.9 percent from 10.1 percent a year ago due to lack of election-spending boost unlike last year, the Philippine Statistics Authority’s latest Monthly Integrated Survey of Selected Industries showed.
Preliminary PSA data showed that merchandise exports jumped 12.1 percent year-on-year to $4.8 billion in April while imports declined by 0.1 percent to $6.86 billion.
As the value of imports still outpaced that of exports, the balance of trade in goods remained at a deficit of $2.05 billion, although narrower than the $2.58-billion deficit during the same month last year.
In a statement, Socioeconomic Planning Secretary Ernesto M. Pernia noted that for exports, East Asia and the European Union remained the top destinations of Philippine products, accounting for 62.3 percent of total export receipts.
Last April, exports to East Asian countries climbed a tenth while shipments of Philippine-made goods to the EU jumped 36 percent, state planning agency National Economic and Development Authority noted.
In particular, exports to China, Hong Kong, South Korea and Taiwan rose doubledigits, offsetting the doubledigit drop in shipments to Japan, Neda added.
“We aim to deepen our engagement with our neighbors in the Asia-Pacific region to enhance trade and investment links,” said Pernia, who also heads Neda.
Pernia noted that Philippine exports to China grew 27.7 percent from October 2016 until April to reverse the 7.1-percent drop posted from January to September last year.
“Also worth noting is the tripling of exports to the UAE and India in April. This was the third month that receipts to the UAE tripled and the second month for India,” Pernia added.