MANILA, June 11 (Xinhua) -- The Philippines' total merchandise trade declined by 1.0 percent in April 2019 to 14.5 billion U.S. dollars from 14.7 billion U.S. dollars in April 2018, as imports contracted by 1.9 percent and offset a 0.4 percent increase in exports, the Philippine Statistics Authority (PSA) said on Tuesday.
The PSA said the decline in the value of imports was due to 16.3 percent decline in payments for raw materials and intermediate goods, zero growth in capital goods imports, and the slowdown in purchases of consumer goods (7.6 percent in April from 20.6 percent in March).
The positive growth in exports in April can be attributed to the continued recovery of agro-based products (31.1 percent in April from 11.9 percent in March) and the uptick in the sales of manufactured goods (2.0 percent in April from -3.1 percent in March), the PSA added.
Exports to the United States, China, and South Korea grew by 10.6 percent, 20.4 percent, and 46.5 percent, respectively, according to the PSA data.
The Philippine National Economic and Development Authority (NEDA) stressed anew the need to push for critical legislative agenda to make the Philippine export industry more attractive and competitive.
"To further drive exports up, we are looking at continuously increasing market access for Philippine products and reforms to improve productivity and lower production costs," Philippine Socioeconomic Planning Secretary Ernesto Pernia said.
To support the export industry in the country, Pernia also said it is crucial to pass the amendments to the country's Public Service Act, the Foreign Investment Act, and Retail Trade Act.
"With the passage of these reforms, we can leverage the Philippines' attractiveness to both foreign and local investors. These investments can help our industry to improve production efficiency and product diversification," Pernia added.
