The Philippines’ total trade grew to US$11.7 billion in April 2017, with the 12.1% growth in exports offsetting the 0.1% decline in imports.
The latest report from the Philippine Statistics Authority showed that trade in April 2017 increased 4.6% from $11.149 billion in April 2016.
Exports continued their upward trend for the fourth consecutive month this year, recording a surge in receipts amounting to $4.805 billion in April 2017 from $4.285 billion in 2016.
Imports, however, posted their first month of decline for the year, earning $6.857 billion in April 2017 from $6.865 billion in the same month last year.
The National Economic and Development Authority (NEDA) said it is optimistic of the country’s trade performance for the rest of the year considering thriving exports and trade linkages, especially to Europe and East Asia.
“For exports, East Asia and the EU remain the top destinations of our products, accounting for 62.3% of total export receipts,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a statement.
Exports to EU and East Asia grew 36% and 10% in April 2017, respectively.
Meanwhile, sales of exports to Hong Kong (36.8%), China (26.4%), South Korea (18.9%), and Taiwan (26.4%) posted double-digit growth while exports to Japan fell (-16.6%).
“Despite global uncertainties, we remain upbeat that the country will sustain the strong performance of export and trade growth recorded in the first quarter,” the Cabinet official said.
“We aim to deepen our engagement with our neighbors in the Asia-Pacific region to enhance trade and investment links,” added Pernia.
He recognized the positive contributions of trade connections, citing China as an example, where Philippine merchandise exports increased by 27.7% from October 2016 to April 2017 compared with the 7.1% decline from January to September 2016.
“Also worth noting is the tripling of exports to the UAE and India in April. This was the third month that receipts to UAE tripled, and the second month for India,” he added.
Exports to UAE and India grew 286.4% and 204.1%, respectively.
“We see an opportunity to strengthen bilateral ties with India as it becomes a major player in the global economy. Their large consumer base can be an important market for Philippine products,” Pernia added.
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