MANILA — Department of Trade and Industry (DTI) Secretary Ramon Lopez has welcomed the record-high export revenue of the country in 2019.
In a statement Tuesday, Lopez said the USD70-billion export revenue last year reflects the success of the government to expand productive capacity and export base to withstand external headwinds.
“Our goal was to expand the productive capacity and export base, as well as in actively enhancing trade relations with existing partner economies, by marketing products abroad and exploring the new export market,” Lopez said.
Philippine outbound trade grew 1.5 percent in 2019 from USD69.3 billion in 2018.
Within the region, the country is the second top-performing exporter next to Vietnam. Only the Philippines, China, and Vietnam registered positive export growth among 11 trade-oriented economies last year, the DTI said.
Lopez said the higher export value last year narrowed the country’s trade deficit by 14.9 percent to USD37 billion, improving the country’s external position.
Moreover, exports of electronic goods reached the USD40-billion mark in 2019, expanding by 4.4 percent from 2018’s figure.
Electronics comprised 56.9 percent of Philippine exports last year.
“The relatively strong performance of the Philippines transpired amid DTI’s strong efforts in attracting investments, spurring MSME (micro, small, and medium enterprise) development, and promoting the ease of doing business,” Lopez said. Kris Crismundo /PNA – northboundasia.com