The Philippines’ merchandise exports are expected to continue growing this year after posting an 11.68-percent surge in the January-to-October period, an official of the Department of Trade and Industry (DTI) has said.
“[The] export sector is a big employment generator, and we welcome these positive developments, as this will translate to more job opportunities,” Trade Undersecretary for the Trade and Investments Promotion Group Nora K. Terrado said.
Total export sales during the period reached $ 53.11 billion, compared with last year’s $47.55 billion.
For the first 10 months of 2017, the value of merchandise exports was shared almost evenly by electronics at 50.78 percent and non-electronics at 49.22 percent.
Japan is still the top export destination for October, with export receipts totaling $871.36 million and a 16.2-percent share in total exports.
“Japan is a significant trading partner [of]the Philippines. We are maximizing [our]good relations…with them by introducing and increasing awareness of various design-driven products and services that we can export,” Terrado said.
“We are also seeking new markets while we continue to expand our exports to existing trading partners. DTI continues to apply new approaches and strategies based on trends and [the]changing consumer landscape,” she added.
The leading destination of Philippine merchandise exports for the ten-month period was still the combined markets of China and Hong Kong. Shipments to these markets, with a combined 24.31-percent share, increased by 22.10 percent in value.
The Trade department earlier said the government was eyeing a 6.5-percent to 7.5-percent growth in the exports of goods and services this year, noting that “it might be able to exceed the target.”
DTI Export Marketing Bureau Director Senen Perlada said the growth would translate to about $79.7 billion to $80.4 billion this year.
“There is a recovery of global demand, which is already happening now. Actually, the strength of the US dollar versus the peso is also a bonus. Take note that the peso is not weak, the dollar is strong and that is beneficial,” Perlada said.
For exports of goods, the government is targeting growth of between 4 percent and 5 percent. For exports of services, it’s between 10 percent and 11 percent this year.