THE country’s prospects of seeing export earnings rise to $100 billion are dim, with local economists highlighting the global economic slowdown and issues surrounding the local manufacturing industry among the biggest challenges for attaining this.
Ateneo de Manila University economist Leonardo Lanzona Jr. told this newspaper that signs of the global recession are already palpable given the slower growth of the country’s imports. Clarete said the improved export performance may also be associated with China’s recent electronic manufacturing problem associated with the Covid-19 lockdown and labor relations.
The PSA noted that electronic products accounted for 66.3 percent of total exports in October while semiconductors accounted for 55.8 percent of the total. Nonetheless, the importation of commodities such as metalliferous ores and metal scrap surged 462.7 percent in October, followed by artificial resins, 316 percent; chemical compounds, 187 percent; and other special transactions, 111.9 percent.
PSA data also showed imports of capital goods ranked second with a share of $2.88 billion or 26.2 percent, followed by consumer goods with $1.89 billion or 17.2 percent.The country’s largest export market in October was Hong Kong, which comprised the highest export value of $1.28 billion or a share of 16.6 percent to total exports during the month.
Hmm... wrong group of people to ask. They can't even get the quarterly inflation and GDP right. How will they know the answer to such a question