MANILA: A recent report from the Phillippines Statistics Authority quotes that total trade grew to $11.7 billion in October. Imports also increased by 5.9% and exports by 3.7%. One of the likely reasons given was the $100 million trade deal between the country and China for fruit exports to China. “Total trade was boosted by higher exports and imports to and from Asia and other major markets. For the year’s first ten months, it is good to note that total trade remains steady at 4.7 percent,” said Socioeconomic Planning Secretary Ernesto M. Pernia.
Likewise, export earnings increased to $4.8 billion on account of the strong performance of mineral products, and agro-based products like bananas, rubber and fish. They also see huge potential in the future of crops like mango, coconut, and dragon fruit to be exported to China.
Along with its increased trade to China, Russia is joining in as well, as the country plans to import more agriculture products from the Philippines. “The country’s improving relationship with Russia will also spur growth in the exports sector, as Russia has committed to import around $2.5 billion worth of Philippine fruits, grains, and vegetables in the next twelve months,” Pernia said.
