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RP trade expands 7.3% in Nov. ’16

Backed by strong growth in imports, the total merchandise trade grew by 7.3 percent in November 2016, according to the National Economic and Development Authority (Neda).
Based on a report by the Philippine Statistics Authority, total trade grew to $12 billion in November 2016, with imports growing by 19.7 percent and mitigating the 7.5 percent drop in exports.
“The surge in trade transactions with East Asia and the Asean boosted the performance of imports, which also signals an increase in the purchasing power of Filipinos. We expect that this further increased in December 2016,” said Socioeconomic Planning Secretary Ernesto Pernia.
Import payments grew to $7.3 billion due to the swell in demand for capital goods (29.7 percent), consumer goods (32.6 percent), raw materials and intermediate goods (11.1 percent), and mineral fuels and lubricants (1.3 percent).
Conversely, export earnings dropped to $4.7 billion due to the 10.6 percent decrease in the value of manufactured goods, mostly electronics that declined by 7.9 percent.

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