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

IMAGE Heat treatment for wooden pallet allows industry to meet global standards

  By Rose de la Cruz  To prevent invasive insect pests and diseases from entering the country through global trade, the International Standard for... Read More...
PH to host APO next regional productivity summit in 2019

    By Rose de la Cruz   The Philippines is hosting, after Lao PDR, the 57-year old Asian Productivity Organization (APO) governing body next... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Wrong Dream Girl and Other Laughs

Wrong Dream GirlA FROG telephones the Psychic Hotline. His Personal Psychic Advisor tells him, "You are going to meet a beautiful young girl who will... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...
IMAGE PAGIGING MAKABAYAN

KAMAKAILAN ay tumawag ng atensyon ang plano ni Sen. Manny Pacquiao na maghain ng panukalang batas na naglalayon na isama bilang bahagi ng curriculum... Read More...
IMAGE PUTULIN ANG MONOPOLYO NG MERALCO!

SUPORTADO nang ibat-ibang consumer group kabilang na ang Institute for Consumer Research and Empowerment (ICORE) ang panukalang dapat putulin na ang... Read More...

Our Guests

Today622
Yesterday817
This week6693
This month24221
Total958891

Visitor Info

  • Your IP: 54.198.119.26

Who Is Online

20
Online

Sunday, 27 May 2018
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.