PH exports continue
to grow, up by 11% in Feb 2017
April 18, 2017
MAKATI CITY –
Philippine exports posted an increase of 11% with total sales of
$4.782 billion for the month of February 2017, marking its third month
of positive growth according to a report released by the Philippine
Statistics Authority (PSA).
For February 2017, eight out
of ten top major Philippine exported goods rose with electronic
products comprising 51.6% of the total exports revenue amounting to
$2.470 billion compared to $2.131 billion registered in the same
period last year. Other products that increased include cathodes and
sections of cathodes, of refined copper (946.9%); other mineral
products (107.5%); coconut oil (66.5%); electronic equipment and parts
(64.9%); metal components (29.4%); other manufactures (20.1%);
electronic products (15.9%); and chemicals (9.6%).
United States (US) topped
other Philippine export destinations for the said month, accounting
for 15.6% to total exports with receipts valued at $745.22 million. It
is followed by Japan with 15.25% share with revenues amounting to
The increase in February
2017 exports lifted the cumulative value of merchandise exports by
17.36% for the first two months of 2017 compared to the same period in
2016, based on preliminary data from the Philippine Statistics
Continued export growth can
be attributed to the significant increase of Philippine electronic
products by 13.24% in the first two months of 2017. This stemmed from
the positive performance of the six out of nine subsectors of the
industry which contributed 96.74% share in the cumulative total value
of the industry.
Department of Trade and
Industry’s Export Marketing Bureau (DTI-EMB) noted that the increasing
efforts of the Philippines in strengthening ties with its ASEAN
neighbors including China is expected to sustain the growth of the
sector in the coming months.
“Enhancing trade promotion
efforts to huge consumer markets is seen as a viable strategy in
sustaining the performance of Philippine exports in the coming
months,” said DTI-EMB Director Senen M. Perlada.
As the Philippines serves
host for this year’s ASEAN Summit, the country is pushing for the
conclusion of the ASEAN-led Regional Comprehensive Economic
Partnership (RCEP) negotiations. RCEP is the free trade agreement
being advocated by the ASEAN 10-member states with its six (6)
dialogue partners including China, South Korea, Japan, Australia, New
Zealand, and India.
"RCEP is the chance to
balance the country’s trade deficit, especially with China,"
trade-oriented economies in Asia, the Philippines placed 9th in terms
of exports growth, a decline after it placed third last month. Vietnam
topped the list for February 2017 with 29.6% recorded exports growth,
a significant increase after dropping to among the worst performers
for January 2017.
“We see a trend of recovery
among economies in the first two months of 2017. For us in the
Philippines, the numbers are healthy. While we ranked 9th for this
month, on a year-to-date (YTD) analysis among selected trade-oriented
economies, we placed third in terms of export growth. This is a signal
of a robust export sector,” explained Perlada.