MANILA, Philippines — The Department of Trade and Industry (DTI) has turned more bullish on prospects for exports next year given the sustained upswing in shipments this year and the country’s expanding markets.
“Exports prospects will hopefully surpass the current levels. The hindrance is the global market, but it is picking up,” Trade Secretary Ramon Lopez said.
“With the orders from China, hopefully Russia will come in also, and we expect more from other markets. So export is more bullish,” the trade chief added.
Given all these factors, Lopez said the country could aspire for a growth target of between 12 and 15 percent next year for merchandise exports.
Latest data from the Philippine Statistics Authority showed that merchandise exports rose 11.7 percent from January to October.
For full year 2017, the public-private Export Development Council had set a target of four to five percent growth.
“Once our production capacity grows, we will be able to export more. As long as demand and local capacity is there, you’ll be able to supply the requirements because sometimes, what happens is there is demand but we don’t have enough capacity,” Lopez said.
Electronics and semiconductors remain the country’s top export products, accounting for 40 to 50 percent of total shipments.
“You cannot change the production capacity overnight. But we’re building the agri industry, furniture, and garments. These are promising industries for exports,” Lopez said.
Under the Philippine Exports Development Plan, merchandise exports are targeted to hit anywhere from $122 billion to $131 billion by 2022.