The National Economic and Development Authority said trade grew 22.7 percent in March, following notable progress in exports and imports.

NEDA-attached agency Philippine Statistics Authority reported total trade grew to $13.5 billion, with imports and exports growing 24 percent and 21 percent.

“Philippine trade during the first quarter of this year has been robust, growing a solid 18.5 percent. We are really optimistic that we can sustain this momentum in the coming months,” said NEDA Officer-in-Charge and Undersecretary Rolando Tungpalan.

This brings first quarter growth of imports to 18.6 percent and exports to 18.3 percent in 2017.

Exports recorded earnings of $5.6 billion, mainly driven by sales of manufactured goods at 16.5 percent growth, total agro-based products at 33.6-percent growth, and mineral products at 94.2-percent growth.

In terms of major markets, exports have been supported by a sharp increase in receipts from Hong Kong (38.9 percent), China (38.9 percent), South Korea (7.3 percent), Taiwan (17.5 percent), US (20.4 percent), and EU (56.2 percent).

In the same period, import payments rose to $7.9 billion. This was led by purchases of capital goods, raw materials and intermediate goods, mineral fuels and lubricants, and consumer goods.

In terms of trade growth in March, the Philippines has overtaken Indonesia’s 20.9 percent, Malaysia’s 20.4 percent, Vietnam’s 20.2 percent, and Thailand’s 13.8 percent.

“These figures support our view that the Philippines will be the fastest-growing economy among the ASEAN-5 this year,” said Tungpalan.

This could be anchored on recovering external demand and strong domestic consumption and investment activities.

“We aim to follow-through by forging stronger connections with our ASEAN neighbors as merchandise trade with them comprises a substantial share of 21.9 percent of our country’s total trade in the first quarter,” Tungpalan added.

He also pushed for innovation-led developments and noted that in order to fully leverage on the region’s growth, micro, small, and medium enterprises must be integrated in global value chains. DMS