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The country’s merchandise trade performance declined slightly in October 2020.
Data from the Philippine Statistics Authority on Thursday, December 10, 2020, showed that the country’s trade performance reached $ 14.18 billion in October, down 12.8 percent from the same period in 2019.
Exports reached 6.2 billion dollars in October, down 2.2 percent, while imports stood at 7.9 billion dollars down 19.5 percent.
Cumulative export earnings from January to October 2020 amounted to $ 52.11 billion, 12.5 percent less than the export value obtained from January to October 2019.
The import value to date, on the other hand, stood at $ 70.04 billion, 25.2 percent less than the import value of $ 93.61 billion recorded in the same period in 2019.
Acting Secretary for Socio-Economic Planning Karl Kendrick Chua, in a statement, said that despite the declines, there are some positive conclusions from the trade data.
He said merchandise exports to major regional trading partners, such as China and the Association of Southeast Asian Nations, grew by double digits.
Furthermore, imports of capital goods increased in October compared to September 2020, suggesting that business activities have been responding to the government’s approach to a selective and gradual reopening and greater mobility.
However, Chua stressed that more could be done to help accelerate the country’s economic recovery.
“As the traditional means of connecting buyers with suppliers are limited at the moment, the government and the private sector must work together to take advantage of digital platforms and alternative means to source and source from the country,” said Chua.
Exports to the US accounted for the highest export value, amounting to $ 1.01 billion in October. China, on the other hand, was the country’s largest supplier of imported goods valued at $ 1.95 billion for the same month. / KOC
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