Chinese mainland overtakes Japan as Philippines' third export market in May
MANILA, July 10 (Xinhua) -- Chinese mainland has dislodged Japanas the Philippines' third export market destination for May thisyear, with the amount hitting 761.40 million U.S. dollars or 13.2percent of the total export receipt recorded, government datashowed on Tuesday.
The Chinese mainland ranked third among the Philippines' top 10export markets, according to the Philippine Statistic Authority(PSA) data. "(The Philippine export to Chinese mainland) went up by8.9 percent from 699.12 million U.S. dollars in the same month of2017," the PSA said.
The Philippines' total exports receipt recorded by the country'stop ten market destinations for May 2018 amounted to 4.68 billionU.S. dollars or 81.2 percent share to the total exports, accordingto the PSA data.
The PSA said the Chinese mainland was also the Philippines'biggest source of imports with 20.3 percent share in May 2018."Import payments to this country stood at 1.92 billion U.S.dollars, posting an increase of 18.8 percent from 1.62 billion U.S.dollars in May 2017," the PSA said.
Import bills from the top ten countries for the Philippines inMay 2018 amounted to 7.37 billion U.S. dollars or 77.8 percent ofthe total imports, the PSA said.
Chinese mainland emerged as the top trading partner of thePhilippines in 2017 with total bilateral trade valued at 23.82billion U.S. dollars, according to the Department of Trade andIndustry (DTI) of the Philippines released this month.
Based on published data, the DTI said historical trend showedthat from 2015 to 2017, Philippine merchandise exports to Chinesemainland reflected a compound annual growth rate (CAGR) of 13.95percent.
The PSA said Japan ranked fourth with export shipments valued at756.31 million U.S. dollars or a share of 13.1 percent.
The United States ranked first with an export value of 840.15million U.S. dollars or a share of 14.6 percent of total exports inMay 2018.
China's Hong Kong SAR placed second with exports value of 796.47million U.S. dollars or 13.8 percent of the total exports for May2017.
Singapore placed fifth, contributing a 6.4 percent share tototal exports or an export value of 366.39 million U.S.dollars.
Completing the top ten market destinations for May 2018 wereSouth Korea with 274.29 million U.S. dollars; Germany, 235.07million U.S. dollars; Thailand, 229.86 million U.S. dollars;Taiwan, China 212.35 million U.S. dollars; and the Netherlands,206.13 million U.S. dollars.[ Editor: WPY ]