Philippine Q1 exports highest in 6 years-Xinhua

Philippine Q1 exports highest in 6 years

Source: Xinhua| 2022-05-12 20:59:31|Editor: huaxia

MANILA, May 12 (Xinhua) -- The Department of Trade and Industry (DTI) of the Philippines said Thursday that the country has seen the highest quarterly export performance in the last six years.

The export volume reached 19.4 billion U.S. dollars in the first quarter this year, increasing by 9.8 percent compared to the previous year.

In March alone, the Southeast Asian country's monthly exports reached 7.2 billion U.S. dollars, or 5.9 percent higher compared to March 2021.

Trade Secretary Ramon Lopez said the data shows that the Philippines continues to sustain export growth in a much better position than pre-pandemic levels and has been able to catch up as global trade expands.

Lopez said he expects the Philippine economy to rebound and grow in the coming months. "The only uncertainty is the possible global slowdown towards the second half of the year," Lopez said.

The DTI said exports in electronics, other mineral products, copper cathodes and sections of cathodes, coconut oil, and processed food and beverages propelled the growth. Ten other export commodity groups also recorded an increase in export sales this quarter.

In terms of markets, the United States ranks first as the country's largest export market in the first quarter, and China was the Philippines' top export destination for March.