Philippine total trade decreases 1.2 pct in June after 10 months of positive growth
Source: XinhuaNet Time:2017-08-11 08:42:08
MANILA, Aug. 10 (Xinhua) -- The Philippine total trade contracted by 1.2 percent in June after posting 10 months of positive growth, the government said on Thursday.
Despite the contraction, the National Economic and Development Authority (NEDA) said total merchandise trade grew by 11.2 percent for the first half of 2017 from the previous year, with exports growing 13.6 percent and imports growing 9.6 percent.
"We expect the Philippine trade to recover, as the global economic recovery is seen to be on firmer footing in the second half of the year," Socioeconomic Planning Secretary Ernesto Pernia said in a statement, stressing the need to tap new markets for Philippine trade to bounce back from its slight decline in June 2017.
NEDA said a modest 4.8 percent growth in Philippines exports with ASEAN countries and a 3.9 percent growth in the European Union helped cushion the impact of the decline in traditional markets such as the United States (-8.7 percent) and Japan (-9 percent).
For Philippine imports, NEDA recorded a 4.5 percent growth in ASEAN and 0.5 percent growth in EU.