China’s increased importation has caused a rise in Philippine exports.
MANILA – The Department of Trade and Industry (DTI) reveals this trend, which has attributed the rise in exports primarily to the “increased global uptake of semiconductors, electronic data processing products, consumer electronics, and telecommunication products.”
“China, the world’s largest copper importer, imported over 555,000 metric tons of copper in July, up 14.24 percent from the previous month and 89.93 percent from a year ago.
“The Philippines also benefited from the increase in the US production of motor vehicles and parts with US companies canceling their usual factory shutdowns in July,” says the DTI.
According the the agency, by commodity group, exports of manufactured goods, which accounted for 82.6% of the total overseas sales in January, grew by 11.6 percent to $5.30 billion.
Exports of electronic products, which made up 57.4 percetn of total merchandise exports in July, rose 10.1 percent year-on-year to $3.69 billion. Semiconductors, which accounted for 71.1 percent of electronics, grew 4.9 percent to $2.62 billion.
The DTI added that exports of mineral products went up 25.1 percent to $552.19 million, as well as agro-based products (13.9 percent to $425.15 million) and forest products (12.8 percent to $31.37 million).
On the other hand, overseas sales of petroleum products declined by 40 percent to $155,165.
Meanwhile, the Philippine Statistics Authority (PSA) says, the country’s trade-in-goods deficit widened in July as merchandise import growth outpaced the increase in exports.
Preliminary PSA data shows the value of merchandise exports jumped by 12.7 percent year-on-year to $6.42 billion.
According to PSA, the July reading is a turnaround from the 8.9 percent drop in same month last year, albeit slower than the 18.8 percent growth seen in June. (JD/The MiNT)