PH eyes new export markets
MANILA – The Philippines is eyeing new export markets amid the sluggish demand from traditional markets, the National Economic and Development Authority (NEDA) said Tuesday.
Exports in August fell by 4.4 percent year-onyear to $4.904 billion from $5.128 billion a year ago, according to the Philippine Statistics Agency, NEDA’s attached agency.
Total merchandise exports from January to August registered a 7.8 percent decrease from $39.500 billion recorded in 2015 to $36.409 billion.
“Given the sluggish external environment, the country should focus on diversifying its export markets and improving productivity and competitiveness of industries. With traditional export markets such as Japan and the United States still showing weak appetite for Philippine exports, new markets should be explored,” said NEDA Officer-in-Charge (OIC) and Deputy Director-General Rosemarie G. Edillon.
While Japan remained as the country’s top export destination, revenue in August amounting to $1.002 billion decreased by 5.1 percent from $1.055 billion during the same month a year ago.
Exports in United States, which ranked second, valued at $738.76 million in August, 4.7 percent lower from $775.25 million during the same month last year.
Edillon said the Philippines should tap Russia and Kazakhstan as new export markets, particularly for agriculture and industrial products.
She also urged to tap emerging markets like Kuwait, Mongolia, and Malaysia.
“We also need to shift to high-value crops as potential agricultural exports. This can be done if we improve agricultural productivity through investments in modernization efforts, infrastructure, and research,” said Edillon.
Exports to East Asia, particularly Hong Kong, China and Taiwan, posted increases and exports to France and Switzerland continued to post doubledigit growth rates, 78.1 percent and 68.6 percent, respectively.