Exports, according to the trade chief, will continue to rise
Ramon Lopez, Secretary of the Department of Commerce and Industry (DTI), has expressed satisfaction with the country’s strong export performance in May 2021, stating that the country’s outbound trade would continue to grow.
The Philippine Statistics Authority (PSA) announced on Friday that goods export receipts in May increased by 29.8 percent to USD5.89 billion from USD4.54 billion during the same month last year, according to data released by the agency.
In a statement, Lopez added, “We are extremely confident that we will be able to maintain this positive exports performance trend as our key trade partners continue to open their borders and ease travel restrictions as a result of the success rate of their vaccination campaign.”
He went on to say that the vaccination rollout in this area, as well as the ability of export-oriented enterprises to operate at 100 percent capacity even during the modified enhanced community quarantine (MECQ) in NCR Plus, allowed the export sector to maintain its strong performance in the month of May.
“By concentrating our efforts on the key export sectors of our country, we hope to reclaim the opportunities that have been lost as a result of the Covid-19 (coronavirus disease 2019) pandemic and to maintain the momentum that has been building toward accelerating our export growth,” Lopez concluded.
According to the PSA, electronic products continued to be the country’s most valuable export, accounting for 58.2 percent of overall exports in May of this year.
The export of products totaled USD3.43 billion for the month, representing a 25.6 percent increase over the previous year’s USD2.73-billion income.
In terms of the export market, the Philippines exported the largest proportion of its goods to China in May of this year.
Exports to China were USD954.3 million, representing a 22.3 percent increase over the previous year.
With exports of USD918.11 million, the United States is the second-largest market, followed by Japan, which has USD829 million in exports, Hong Kong, which has USD792 million, and Singapore, which has USD324.95 million.
Governments across the globe have implemented subsidy limits and implemented fiscal stimulus packages, according to the United Nations Conference on Trade and Development (UNCTAD). Global trade is anticipated to recover during the second quarter of this year, according to UNCTAD’s estimate.
Agri-food is one of the industries that is anticipated to have further development, as are medicines, communication and office equipment, minerals, and minerals processing.
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