January 10, 2017
Exports declined 7.9 percent in November but imports surged close to 20 percent, driving total merchandise trade higher, the Philippine Statistics Authority (PSA) said Tuesday.
Total trade grew by $12 billion as imports reached $7.3 billion and exports $4.7 billion
“The surge in trade transactions with East Asia and the ASEAN boosted the performance of imports, which also signals an increase in the purchasing power of Filipinos. We expect that this further increased in December 2016,” said Socioeconomic Planning Secretary Ernesto Pernia in a statement.
Import payments due to 29.7 percent increase in demand for capital goods and and a 32.6 percent surge in demand for consumer goods.
Export earnings were affected by a 10.6 percent decrease in the value of manufactured goods, mostly electronics that went down by 7.9 percent.
“While we are expanding our trade relations with potential markets, we need to further harness our existing free trade agreements and continue to push for reforms. This will improve our business environment and increase our attractiveness to foreign investors,” Pernia said. DMS
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