MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez has welcomed the robust exports performance for May 2021, saying the country’s outbound trade will continue its upward trend.
The Philippine Statistics Authority (PSA) reported Friday that merchandise export revenues in May rose by 29.8 percent to USD5.89 billion from USD4.54 billion during the same period last year.
“We are very optimistic that we can sustain this upward exports performance trajectory as our major trading partners continue opening up their borders and easing travel restrictions given the success rate in their vaccination drive,” Lopez said in a statement.
He added the vaccination rollout here as well as allowing 100-percent capacity of export-oriented enterprises even during the modified enhanced community quarantine (MECQ) in NCR Plus allowed the export sector to continue its robust performance for the month of May.
“As we focus our efforts on the key export sectors of our country, we hope to regain our lost opportunities due to the Covid-19 (coronavirus disease 2019) pandemic and maintain the momentum of accelerating our export growth,” Lopez added.
Electronic goods remained the country’s top export, accounting for 58.2 percent of the total exports in May 2021, the PSA reported.
The industry exported USD3.43 billion worth of goods during the month, higher by 25.6 percent from last year’s USD2.73-billion revenue.
In terms of the export market, the biggest chunk of Philippine exports went to China in May this year.
Exports to China amounted to USD954.3 million, increasing by 22.3 percent.
This is followed by the United States, with exports amounting to USD918.11 million; Japan, with USD829 million; Hong Kong, with USD792 million; and Singapore, with USD324.95 million.
The United Nations Conference on Trade and Development (UNCTAD) forecasted that global trade is expected to rebound during the second quarter of the year due to subsiding restrictions and fiscal stimulus packages of governments around the world.
Among the sectors that are expected to continue their growth include pharmaceuticals, communication and office equipment, minerals, and agri-food. (PNA)