Exports to Japan jump 17%
MANILA, Philippines—The value of goods shipped from the Philippines to Japan increased by 16.5 percent in the first quarter to more than $2 billion, from $1.7 billion in the same period last year.
According to data from the Japan External Trade Organization, Japan’s exports to the country likewise went up to $2.5 billion in the first three months, a mere 0.3-percent growth from the close to $2.6 billion seen the previous year.
The Philippines shipped 1 percent of all imports to Japan during the period. Japanese exports to the country, on the other hand, represented 1.3 percent of total outbound trade from January-March.
Japan registered a trade surplus of almost $507.9 million during the period.
In March alone, Philippine exports to Japan reached $728.7 million, while imports amounted to $872.2 million.
It was still uncertain how the March 11 twin disaster in northern Japan would affect trade between the two countries. Japan has, for a long time, been one of the country’s top trading partners.
Earlier, Export Development Council executive director Senen Perlada said the country might have to revisit its export targets, considering the impact of the earthquake and the tsunami on Philippines-Japan trade.
At this point, Perlada said the situation was still too fluid to tell what the exact impact would be. In the short term, sectors that would feel significant adverse impact of the Japan crisis included agriculture, semiconductors and automotive.
But Trade Secretary Gregory Domingo expressed confidence that the country could still achieve, or even beat, its 10-percent merchandise export growth target for the year.
