Total merchandise trade grew five percent in October
Total merchandise trade grew by five percent in October, supported by growth in both imports and exports, according to the National Economic and Development Authority (NEDA) on Friday.
Based on a report by the Philippine Statistics Authority, total trade grew to $11.7 billion in October 2016, with imports growing by 5.9 percent and exports, 3.7 percent.
“Total trade was boosted by higher exports and imports to and from Asia and other major markets. For the year’s first ten months, it is good to note that total trade remains steady at 4.7 percent,” said Socioeconomic Planning Secretary Ernesto Pernia.
For October 2016, import payments grew to US$6.9 billion following increases in demand for capital goods (13.1 percent), consumer goods (16.6 percent), and mineral fuels and lubricants (22.3 percent).
Export earnings increased to $4.8 billion on account of the strong performance of mineral products (15.1 percent) such as copper concentrates and chromium ore, and agro-based products (30.6 percent) like coconut oil, bananas, rubber and fish.
Along with the lifting of the Chinese ban on Philippine bananas and mangoes, Pernia said during Duterte’s state visit last October, government was able to close a $100 million contract for fruit exports to China.
“The country’s improving relationship with Russia will also spur growth in the exports sector, as Russia committed to import around $2.5 billion worth of Philippine fruits, grains, and vegetables in the next twelve months,” he added. DMS
