Shipments to Taiwan up 10.1% in first half
By Ronnel Domingo
Philippine Daily Inquirer
First Posted 20:28:00 09/07/2008
Filed Under: Economy, Business & Finance
SHIPMENTS OF TAIWAN-bound goods grew by 10.1 percent to $1.18 billion in the first half, according to Taipei’s Government Information Office.
GIO data show that the value of shipments from the Philippines as of June rose from about $1.07 billion in the same period last year.
From January to June, two-way merchandise trade with Taiwan improved by about 11.7 percent to some $3.76 billion from about $3.37 billion.
Taiwanese shipments to the Philippines were valued at a total of some $2.58 billion, increasing by 12.4 percent from $2.3 billion.
As of end-June, Taiwan maintained a trade surplus of $1.4 billion, growing by 14.4 percent from $1.22 billion last year.
Also, the Taiwan GIO reported that the Philippines was still Taiwan’s 15th-largest trading partner, accounting for 1.4 percent of the island-economy’s total global trade, which was valued at about $261 billion.
As of June, the Philippines also remained as Taiwan’s seventh-largest trade partner among developing countries—excluding mainland China—after Saudi Arabia, Malaysia, Indonesia, Vietnam, Thailand and Kuwait.
China is Taiwan’s largest trading partner with a 20.6-percent share or $53.87 billion of the latter’s aggregate trade in terms of free-on-board value.
Further, the Philippines kept the 20th rank among the largest sources of Taiwan’s imports, accounting for 0.9 percent of total Taiwan-bound shipments worth some $126.5 billion.
Meanwhile, a deal was signed last August to harmonize customs systems and procedures in Subic and Clark, which would pave the way for stronger trade links with Taiwan, particularly the Taiwan Export Processing Zone Authority.
The government said the move promises “a more efficient, less costly, and fully automated system for merchandise that are admitted, transited and transferred into and between the freeport zones.
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