A row of shanty dwellings are dwarfed by giant cranes at the south harbour cargo terminal in Manila on July 13, 2016. The Philippines' economy grew a better-than-expected 6.9 percent in the first quarter, the government said May 19, putting it on track to meet full year targets and making it one of Asia's best performers for the three month period. / AFP PHOTO / TED ALJIBE

Philippine says trade grew 14.2 pc in January, warning threat of US protectionism

  • Mar 11, 2017

MANILA (Xinhua) – Philippine trade grew 14.2 per cent in January this year buoyed by export receipts, the government said on Friday, while warning that US protectionist policies may hamper its momentum and global recovery.

The National Economic and Development Authority said in a statement that the Philippines recorded a total 12.6 billion US dollars in January 2017. It said imports grew by 9.1 per cent, while exports grew by 22.5 per cent.

“Export receipts from nearly all major markets experienced growth,” the statement read. It said export to China grew 26.3 per cent, to South Korea, 50.5 per cent, Asean, 19.3 per cent, European Union, 82.5 per cent, and the United States, 16.5 per cent.

“We are not riding the waves of economic growth in the region,” said Socioeconomic Planning Secretary Ernesto Pernia. “As such, we must continue to push for innovation and infrastructure development to fuel our momentum and drive us to the forefront of the race.”

The agency said that export earnings climbed to 5.1 billion US dollars in January, propelled by growth in most commodities led by forest products, agro-based products and manufactures.

A row of shanty dwellings are dwarfed by giant cranes at the south harbour cargo terminal in Manila. - AFP

A row of shanty dwellings are dwarfed by giant cranes at the south harbour cargo terminal in Manila. – AFP

However, it said that import payments decelerated to 7.4 billion US dollars due to the decrease in demand for capital goods, which offset the gains of consumer goods, raw materials and intermediate goods, and mineral fuels and lubricants.

Pernia said that global growth and trade risk remain, warning that US protectionist policies may hamper global recovery, as counter-measures will be imposed but its trading partners.

He stressed the need to support the country’s economy by strengthening the production capability and linkages, particularly in agriculture and manufacturing to help the country meeting both internal and external demands.

All Asian economies posted positive trade figures, with the Philippines posting the third highest year-on-year growth which is preceded by Indonesia at 21.1 per cent and Singapore at 19.9 per cent, and followed by Malaysia at 12.0 per cent and China, 11.4 per cent.

“This is a signal that our efforts in forging better relations with our Asian neighbours and the EU are finally paying off,” Pernia said.

Source: http://borneobulletin.com.bn/philippine-says-trade-grew-14-2-pc-january-warning-threat-us-protectionism/