Exports snap a 17-month decline
Exports snapped a 17-month decline and imports rose as the Philippines’ total trade picture improved for September, the Philippine Statistics Authority said Thursday.
Total trade grew to $12.3 billion from $11.8 billion in August, as imports, especially capital goods, went up to $7.1 billion
Exports went up by 5.1 percent to $5.2 billion due to revenues from manufacturing (4.8 percent), agro-based (24 percent), petroleum (71.7 percent) and mineral products (4.7 percent).
Socioeconomic Planning Secretary Ernesto Pernia, in a statement, said “exports of manufactured products may continue to firm-up in the near term, possibly riding on the growth of the global industry sector.”
Pernia added that “recent developments in China and Japan, which are the Philippines’ largest trading partners in Asia, provide good prospects for merchandise trade.
He added aside from lifting a ban on Philippine bananas, China said it intends to buy more high value commercial crops like mangoes abd coconuts as well as high-end fishery products like lapu-lapu, crabs and tuna. DMS