Christmas season to sustain growth trajectory of the export industry – PHILEXPORT
The Christmas season is expected to help sustain the current growth trajectory of the export industry in the country, said Philippine Exporters Confederation Inc. (PHILEXPORT) President Sergio Ortiz-Luis Jr.
Despite the pandemic, the Philippines’ total export sales climbed by 12.7% to $6.42 billion in July, with commodity groups reporting a positive growth rate throughout the first seven months of the year.
The overall import sector, meanwhile, has jumped by 24% at $9.71 billion during 2021’s 1H, with July contributing a total of $3.29 billion compared to last year’s $2.13 billion.
During the group’s virtual General Membership Meeting, Ortiz-Luis disclosed that the government-run financial institution SB Corporation has created an emergency fund to help exporters fund freight costs.
Ortiz-Luis stated that they “hope that more and more international shipping lines will respond positively to the situation ahead of the holiday purchases.”
Further, the Philippines’ improved export performance has encouraged the Development Budget Coordination Committee (DBCC) to upgrade its 2021 exports outlook to 10% from the previous 8% in hopes that the lifting of border restrictions will help the recovery of global trade.
