EXPORTERS expect a six percent revenue growth this year on the back of the electronic parts and mineral products and services exports.

“The signing by US President Donald Trump of the initial trade deal with China provides another growth impetus, particularly for electronics,” Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. said.

The deal between the world’s two largest economies covers expanding bilateral trade in various sectors such as manufactured goods and services, further broadening market access and enhancing the protection of intellectual property rights.

Garments are also expected to contribute to increase the country’s merchandise exports, with renewed interest from buyers, said Ortiz-Luis Jr. in his President’s report during the group’s first quarter general membership meeting.

Exports were valued at US$64.56 billion from January to November 2019, up slightly from $64.58 billion during the same period in 2018, with strong performance from electronic products, other manufactured goods, machinery and transport equipment and aircrafts and ships.

The Philexport chief is also banking on services exports, including travel services, which is expected to account for 50 percent of the country’s total exports by 2022.

Ortiz-Luis said the country has been reinvigorating the manufacturing sector which they believed is better positioned to generate more jobs and livelihood.

He said the current Philippine Export Development Plan targets the revenue to reach $122 billion to $130.8 billion in shipment of goods and services by 2022.

This will be driven by the projected robust global demand for electronics, food and beverages, information technology and business process management and business services, creative industries, lifestyle and wearables and halal, which are all identified as the priority sectors for export promotion, he added.

“We continue to struggle with agriculture but we are not giving up,” he said, adding that the group has an agenda on liberalized sugar imports for domestic processors. (Philexport News And Features )