China emerges as major export market for Philippine products

China emerges as major export market for Philippine products

by UA&P News Desk on February 17, 2011 - 2:55 pm

From People’s Daily

China’s rise as an economic powerhouse is one of the key factors that propelled the Philippine export sector.

Philippine export revenues in 2010 soared to a better than expected 33.7 percent growth rate. With receipts hitting 51.39 billion U.S. dollars – the first time since 2007 that annual revenues breached the 50-billion U.S. dollar-mark.

The global recovery has resulted to sharp growth spurts between the Philippines and its trading partners. But Philippine export to China stood out, posting a 94.32 percent growth in export receipts in 2010.

Victor Abola, economics professor at the University of Asia and the Pacific, attributed this to the fast growing Chinese economy.

“Increasing domestic demand as well as the need of China to increase infrastructure to import more products,” Abola said.

This include increased demand for minerals and metals like iron one, copper and nickel. He added the stronger purchasing power of consumers boosted demand for processed Philippine food products and fresh fruits like bananas.

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