Phl trade grew beyond targets in 2017

 

By Rose de la Cruz

 


The country’s total merchandise trade for full year 2017 increased by 9.9 percent as imports and exports posted growth rates higher than government estimates.

 

Imports and exports posted 10.2 percent and 9.5 percent growth rates, respectively, exceeding the Development Budget Coordinating Committee’s emerging estimates (as of December 2017) of 9.0 percent for imports and 8.0 percent for exports.

 

The Philippine Statistics Authority reported that the country’s total trade grew by 8.6 percent in December 2017, pushing full-year trade growth to its current rate. This is better than the 5.8 percent full-year trade growth recorded in 2016.

 

Imports in December 2017 posted a hefty growth of 17.6 percent as all commodity groups registered increases while exports declined by 4.9 percent, its only negative growth for 2017 and first decline since November 2016.

 

The National Economic and Development Authority said that the government should continue to implement strategies that would heighten demand for Philippine-made products to sustain merchandise trade growth.

 

“We need to effectively respond to market trends and consumer preferences worldwide to drive more demand for Philippine-made products,” Socioeconomic Planning Secretary Ernesto M. Pernia said.

 

This can be done by gathering timely and relevant information on emerging demands in potential markets through the help of diplomatic posts and trade attachés, the Cabinet official added.

 

Moreover, intensified market research and tighter linkages with businesses, malls and shopping centers abroad would help increase the visibility of Philippine export products.

 

“To drive exports growth, we are also looking at maximizing trade agreements with countries in the region,” Pernia said.

 

He noted that export volumes may increase especially for banana, coconut, and other agricultural produce by negotiating tariff structures and implementing free trade agreements to bring down tariffs levied on Philippine agricultural exports in major export markets.

 

For its part, the Department of Trade and Industry (DTI) has already targeted to increase the marketing for halal food, fashion and textiles by helping the local halal industry to consolidate and produce better-quality goods.

 

“On the domestic front, the Philippine economy is also set to maintain an upward momentum with higher infrastructure spending on account of the Build, Build, Build program. With improved infrastructure landscape, we could reduce the cost of doing business,” Pernia added.

The Philippine Economic Zone Authority (PEZA) and the Board of Investments (BOI) also expect expanding confidence and interest among investors this year, particularly in upstream industries like cement, steel, shipbuilding and petrochemicals, among others.

 

 

Like us in Facebook

facebook like box joomla

Features

Latest News

DBM signs MOA with PLM on procurement course

    By Rose de la Cruz   Last February 19, the Department of Budget and Management, through the Government Procurement Policy Board (GPPB), signed... Read More...
A hollow block business that rose from a personal need

  By Rose de la Cruz   The hollow block business of Franklin Carmelo in Urdaneta City, Pangasinan began out of a personal need to fence his other... Read More...
Comelec control urged for narco-infested LGUs

  By Francisco Benjamin Garcia   Rep. Bernadette Herrera-Dy, chairman of the committee on public information at the lower house has urged that... Read More...
IMAGE IN THE MIDDLE OF THE STORM

WHILE the modernization of public utility vehicles has always been in the wish list of past administrations, thought of as a solution to the... Read More...
IMAGE Honest Hubby and Other Laughs

Honest Hubby?THERE was this old lady who was caught shoplifting. On court day her husband accompanied her as she faced the judge. "Why did you... Read More...
IMAGE All about women and wives and other laughs

All about women and wives I married Miss Right. I just didn’t know her first name was Always. ***** Marriage is a three-ring circus: engagement... Read More...
IMAGE TAMANG DESISYON

TULUYAN nang tinuldukan ni Presidente Rodrigo Duterte ang anumang pagtatangka ng ibang mga grupo at sektor na buhaying muli ang usapang... Read More...
IMAGE GINHAWA PARA SA MGA MAMAMAYAN

Guhit ni Ed Rompal INIULAT ni Senador Sonny Angara na nagkasundo na ang congressional bicameral conference committee sa limang probisyon na... Read More...

Our Guests

Today22
Yesterday1016
This week4712
This month18534
Total871170

Visitor Info

  • Your IP: 54.234.233.48

Who Is Online

28
Online

Friday, 23 February 2018
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.