Phl posts growth in comm’l service exports

MANILA, Philippines - Commercial service exports of the Philippines went up 12 percent in the third quarter last year from the same period in 2011, but it is still the lowest among countries in the Southeast Asian region, according to the United Nations Conference on Trade and Development  (UNCTAD)and the World Trade Organization (WTO).

Data from the two agencies showed Philippine commercial service exports were valued at $4.620 billion in the July to September period, up from $4.141 billion in the comparable period in 2011.

Commercial service exports cover business process outsourcing, financial services, tourism and transportation.

Even as there was year-on-year growth in the Philippines’ exports of commercial services, it was still behind compared to its peers in the region.

The same data showed that Singapore’s exports of commercial services were valued at $28.991 billion in the third quarter, down three percent from the previous year’s.

Thailand’s commercial service exports reached $11.584 billion in the third quarter, a 10 percent increase from the same period in 2011.

Exports of commercial services of Malaysia amounted to $9.240 billion, a three percent decline from 2011.

As for Indonesia, its commercial service exports climbed by two percent to $5.343 billion from a year ago.

In terms of imports, the Philippines also had the least amount in the region for the period.

Philippine imports of commercial services rose 18 percent to $3.385 billion from 2011’s $2.873 billion.

Singapore had the biggest amount of commercial service imports at $28.390 billion, down slightly from the $28.597 billion in the previous year.

Thailand came in second with its imports valued at $12.829 billion, five percent lower than in the same period in 2011.

Malaysia’s imports amounted to $10.290 billion, a four percent increase from the comparable period in 2011.

Imports of Indonesia reached $8.062 billion, down slightly from $8.081 billion in the previous year.

The same data showed that global exports of commercial services declined by two percent, while imports went down by one percent.