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Philippine exports up by 3.7 pct in October

Xinhua, December 9, 2016 Adjust font size:

Philippine exports grew 3.7 percent year-on-year to 4.758 billion U.S. dollars in October, the Philippine Statistics Authority (PSA) said Friday.

Six major commodities posted growth during the month, resulting to higher exports, said PSA, an attached agency of the National Economic and Development Authority (NEDA).

The commodities include coconut oil, metal components, other mineral products, electronic equipment and parts, electronic products, ignition wiring set and other wiring sets used in vehicles, aircraft and ships.

From January to October, exports, however, decreased by 5.3 percent to 46.449 billion U.S. dollars from 49.050 billion U.S. dollars.

China was the third highest export destination of the Philippines in October with 571.87 million U.S. dollars or 34.1 percent increase from 426.47 million U.S. dollars a year ago. Japan has remained as the country's top export destination, followed by the U.S.

NEDA director general and Socioeconomic Planning Secretary Ernesto Pernia said exports to China may continue to increase after it lifted the ban on Philippine bananas and mangoes.

He said during President Rodrigo Duterte's state visit to China in October, the government was able to close 100-million U.S. dollar contract for fruit exports to Beijing.

The potential is also huge for China-bound exports of high value crops such as mango, coconut, and dragon fruit, as well as that of fishery products, including grouper, crabs, shrimps, prawns and tuna, he added.

"The country's improving relationship with Russia will also spur growth in the exports sector, as Russia committed to import around 2.5 billion U.S. dollars worth of Philippine fruits, grains, and vegetables in the next twelve months," he said.

Pernia said that he is hopeful about the global economy especially given the good jobs data in the US recently. Nonetheless, he says it is important for the Philippines to harness opportunities offered by the ASEAN bloc's ties with China, Japan, Korea, India, Australia and New Zealand. Endit