Total trade post double-digit growth in October 2017

 

By Rose de la Cruz

 

The National Economic and Development Authority (NEDA) said the double- digit growth experienced in total trade in October 2017 would be sustained through continued exports growth, economic cooperation and trade facilitation initiatives.

NEDA-attached agency Philippine Statistics Authority reported that the country’s total trade grew by 10.4 percent year-on-year in October 2017, a pickup from September’s 4.6-percent growth.

Exports recorded its eleventh consecutive month of positive growth at 6.6 percent, while imports posted a double-digit growth of 13.1 percent.

“We are encouraged by the performance of Philippine trade in recent months, especially with the consistent positive performance of exports. Cooperation and trade initiatives are integral to sustaining these gains,” Socioeconomic Planning Secretary Ernesto M. Pernia said.

Total merchandise trade grew by 11.2 percent for the first six months of 2017 compared to the first half last year.

“For 2018, we are looking at improved performances in exports of agricultural products and semiconductors, which continue to comprise a huge portion of Philippine exports,” the Cabinet official said.

This follows the expected rise in global prices of agricultural exports and World Semiconductor Trade Statistics’ expected 7-percent growth in global sales.

Pernia noted that these gains and positive outlook will be accompanied by initiatives such as ASEAN Seamless Trade Facilitation Indicators (ASTFI) that could help in reducing trade transaction costs by 10 percent by 2020.

The ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA) and ASEAN–HKC Investment Agreement (AHKIA) signed last month will also increase and facilitate trade in goods and services within the region.

The AHKFTA broadens market access, promotes trade confidence and cooperation while AHKIA covers protection, promotion and facilitation of investment.

“Against this backdrop, Philippine exports will likely remain in the positive territory and should pick up due to higher demand during the holiday season,” said Pernia.

 

 

 

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