DTI sees exports hitting record $53 B this year

MANILA, Philippines - The Department of Trade and Industry (DTI) projects to hit a record-high of anywhere between $52 to $53 billion in merchandise exports this year given a rebound seen in the earlier part of the year, an official said.

Trade undersecretary Cristino Panlilio said yesterday the DTI expects merchandise exports to hit $52 to $53 billion this year, an all-time high, given rebound in shipments seen earlier.

“We are confident we will hit an all-time high this year, by Dec. 31,” he told reporters.

He cited that December is a big month because it is the time of the year when a surge in exports of housewares, furniture, giftwares and food is seen.

He also said the continued growth in shipments of electronic products would help merchandise exports hit a record-high.

As of end-September, merchandise exports were valued at $40.07 billion, 7.2 percent higher than last year.

For the month of September alone, merchandise exports went up 22.8 percent to $4.78 billion from last year amid a recovery in shipments of electronic products.

Last year, the value of merchandise exports reached $47.967 billion.

Panlilio said the country’s service exports which include business process outsourcing, are also growing by around 20 percent.

He said that if the growth in service exports is sustained, the country could end the year with $13 to $14 billion worth of service exports.

Combined with merchandise exports, he said, total exports could reach $66 billion this year.

As of the first-half, service exports reached $8.077 billion.