MANILA, Philippines – Philippine exports are expected to rebound this year on the back of strong global prospects, a Department of Trade and Industry (DTI) official said.
DTI director for export marketing bureau Senen Perlada said the country’s total exports last year, merchandise and services combined, would likely finish lower than the $87 billion in 2014.
Total exports in 2014 reached $86.9 billion, with goods accounting for 71 percent or $62.1 billion while services made up 21 percent at $24.8 billion.
The government was expecting exports to reach over $90 billion last year but growth was slowed down by the weakness in the global economy.
This year, Perlada said Philippine exports should do better.
“We’ll recover this year. Confidence level is looking good in the US, while China will find a way to recover which is why it has its stimulus package,” he said.
Perlada said the electronics sector is expected to continue driving the growth of the country’s merchandise exports again this year.
For the 11-month period ending November 2015, data from the Philippine Statistics Authority showed total merchandise exports value dropped 5.8 percent year-on-year to $54 billion.
In 2014, the country’s top merchandise export was semiconductors (components and devices), comprising 27 percent of total exports.
This was followed by electronics which accounted for 14 percent, and minerals and motor vehicle parts at seven percent each.