Philippine exports in September 2017 posted a 4.3 percent growth compared to the same period last year, while imports grew by 1.7 percent.
Undersecretary Rosemarie Edillon has expressed optimism that Philippine trade would sustain its growth in the last quarter of 2017 due to higher demand in the holiday season.
“The third quarter growth performance of several major economies such as the Eurozone, US, and China, reflects an upbeat outlook for the global economy,” says Edillon.
The country’s shipments to EU (40%) and ASEAN (7.6%) boosted the total receipts for the period.
Higher sales were recorded for top export markets such as US (4.9%), Hong Kong (29%) Germany (4.6%), Netherlands (70.8%), and Thailand (7.1%).
“We look forward to regional cooperation and integration being forwarded in APEC 2017 Vietnam and also in the 31st ASEAN meetings. We expect these initiatives to promote inter- and intra-regional trade and deepen engagement between regional blocs, as spelled out in the Philippine Development Plan 2017-2022, says Edillon.
Edillon noted that the call being made in APEC to establish a free-trade area in the Asia-Pacific will enhance trade and investment flows in the region and deepen ties among APEC member economies.
The ASEAN Business Advisory Council has urged the fast tracking of non-tariff measures, non-tariff barriers, and the ASEAN Single Window initiative to further ease doing business in the region.