MANILA, Philippines — The Department of Trade and Industry (DTI) expects the country’s exports of goods and services to rise by nearly 10 percent to as much as $87.8 billion this year, with growth expected from both sectors.
“For 2018, we want our export target of total goods and services to hit a range of $86.2 billion to $87.8 billion,” Trade Secretary Ramon Lopez said during the National Export Congress held yesterday.
Last year, total exports were valued at around $80 billion.
DTI-Export Management Bureau director Senen Perlada said bulk or 60 percent of total exports are in goods, while the balance is accounted for by services.
He said merchandise exports would either match last year’s or grow by up to three percent this year.
The country’s merchandise exports were valued at $68.7 billion last year, up 20 percent from 2016.
Lopez said growth of merchandise exports this year would be driven largely by shipments of electronic products.
Service exports, meanwhile, are expected to post double-digit growth this year.
As of end-June, total exports of goods and services rose to $44.2 billion from $42.5 billion in the same period last year.
Under the Philippine Export Development Plan, the goal is for the country’s exports to reach $122 billion to $130 billion by 2022.
Lopez said among the strategies identified under the plan to promote exports’ growth is to improve the overall climate for exporters.
He said exporters can also take advantage of opportunities from trade agreements such as the Philippine European Free Trade Association (EFTA) free trade agreement, European Union (EU) Generalized Scheme of Preferences Plus, as well as the US Generalized System of Preferences.
The trade agreements allow duty free entry of some Philippine goods to the EFTA, EU and US markets.
To grow exports, Lopez said there is likewise a need to design comprehensive packages of support for selected products and service sectors.