THE country’s trade performance in November 2020 showed encouraging signs that the country is well-positioned to take advantage of improvements in external demand and that the government’s efforts to reinvigorate businesses is gaining traction, the National Economic and Development Authority (Neda) said.
The Philippine Statistics Authority reported that after eight consecutive months of contraction, exports grew by three percent in November 2020. This is the highest year-on-year growth recorded since March, when the country began imposing restrictions due to the pandemic.
The Philippines also joined the ranks of other Asian economies that registered export expansions in November 2020 as exports to East Asia, particularly China, and the Association of Southeast Asian Nations remained positive.
On the other hand, dampened consumer demand contributed to an 18.9 percent decrease in imports in November 2020 as inward shipments of raw materials, intermediate goods, and capital equipment continued to drop.
Driven by stronger exports, the contraction of the country’s merchandise trade performance eased to 10.6 percent in November 2020 from 11.9 percent in October 2020.
“The government’s response to sustain the developments in the Philippine trade sector is crucial as it sets the direction for the country in 2021 and beyond,” said Acting Socioeconomic Planning Secretary Karl Kendrick Chua. (PR)