The Philippine Statistics Authority (PSA) reported on Tuesday that the country’s total trade grew by 10.4 percent in October 2017 from 4.6 percent in the previous month after exports recorded its 11th consecutive month of positive growth.
The PSA, an attached agency of the National Economic and Development Authority (NEDA), said exports increased by 6.6 percent to US$5.37 billion — while imports posted a double-digit growth of 13.1 percent to US$8.21 billion.
Socio-economic planning secretary and NEDA Director-General Ernesto Pernia said he is optimistic that exports of agricultural products and semiconductors would improve further in 2018.
This follows the expected rise in global prices of agricultural exports and world semiconductor trade statistics’ expected 7-percent growth in global sales.
Pernia said the gains and positive outlook would be accompanied by initiatives, such as ASEAN seamless trade facilitation indicators that could help in reducing trade transaction costs by 10 percent by 2020.
He said the ASEAN-Hong Kong, China Free Trade Agreement and ASEAN–HKC investment agreement signed last month would also increase and facilitate trade in goods and services within the region.
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