DTI taps priority markets, sectors for export growth

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    In demand. Philippine dried mangoes are a hit in foreign markets.
    In demand. Philippine dried mangoes are a hit in foreign markets.

    The Department of Trade and Industry (DTI) has identified priority export destinations to promote specific sectors support the growth of the export sector.

    The DTI in a s1tatement said outbound business matching missions will be held in both the traditional and non-traditional markets: Europe, Canada, and East Asia for the promotion of creative services; Europe and East Asia for the promotion of green business; Asean, Gulf Cooperation Council, Turkey, Egypt , China, and Iran for halal products and services; Asean, East Asia, and Europe for the lifestyle sector; East Asia, Southeast Asia, Europe, US and the Middle East for food; and Russia, Mexico and Africa for fast-moving goods.

    The DTI sees tremendous opportunities for growth this year as the latest Philippine exports of goods and services grew by 5.1 percent year-on-year (YOY) to $25 billion in the third quarter of 2019 based on the Balance of Payment Manual 6 (BPM6) data from the Bangko Sentral ng Pilipinas (BSP).

    The third quarter export growth performance was bolstered by an 8.6- percent YOY increase in services exports, with a value of $11.1 billion for the quarter. It was also backed by the 2.4 percent YOY increase in the goods exports valued at $13.9 billion.

    Goods and services’ exports climbed 3.7 percent to $70.4 billion from January to September 2019.

    Service exports rose by 7.7 percent year-to-date to $30.6 billion driven by a double-digit increase in exports of travel services due to higher international tourist arrivals.

    Aside from travel services, information technology and business process management (IT-BPM) also contributed to the services exports’ good showing.

    Exports of electronics products, bananas, and forestry and mineral products contributed to the moderate increase in the exports of goods.

    The DTI follows the targets of the Philippine Export Development Plan (PEDP) where electronics, food and beverages, IT-BPM and business services, creative industries, lifestyle and wearables, and halal are identified as the priority sectors for export promotion driven by global demand.

    Under the PEDP, exports are expected to hit $122 billion to $130.8 billion.