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Philippines sees strong trade growth in November 2016

The Philippines saw its trade revenue in November 2016 increasing 7.3 percent year-on-year due to the strong growth of imports, said the National Economy and Development Authority (NEDA).
Philippines sees strong trade growth in November 2016 ảnh 1Illustrative image (Source: images.businessweek.com)

Hanoi (VNA) – The Philippines sawits trade revenue in November 2016 increasing 7.3 percent year-on-year due tothe strong growth of imports, said the National Economy and DevelopmentAuthority (NEDA).

Total trade of the Southeast Asian country reached12 billion USD in the month, with imports going up by 19.7 percent, making upfor a decrease of 7.5 percent in exports, according to the NEDA.

A surge in trade transactions between thePhilippines with East Asian and ASEAN countries boosted the country’s imports.This is a sign of strengthening purchasing power of Filipinos. The NEDA forecaststhat trade volume would increase further in December 2016.

Imports of the Philippines hit 7.3 billionUSD in November last year driven by rising demand for capital goods, consumergoods and raw materials soared. Meanwhile, export earnings dropped to 4.7billion USD because of a 10 percent decrease in shipment value of manufacturedgoods, mainly electronics.

However, another report of the NEDA showedthat manufacturing production of the Philippines was stable in November 2016due to the rise of oil output, transport equipment and food products.-VNA

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