MANILA, July 10 (Xinhua) -- Chinese mainland has dislodged Japan as the Philippines' third export market destination for May this year, with the amount hitting 761.40 million U.S. dollars or 13.2 percent of the total export receipt recorded, government data showed on Tuesday.
The Chinese mainland ranked third among the Philippines' top 10 export markets, according to the Philippine Statistic Authority (PSA) data. "(The Philippine export to Chinese mainland) went up by 8.9 percent from 699.12 million U.S. dollars in the same month of 2017," the PSA said.
The Philippines' total exports receipt recorded by the country's top ten market destinations for May 2018 amounted to 4.68 billion U.S. dollars or 81.2 percent share to the total exports, according to the PSA data.
The PSA said the Chinese mainland was also the Philippines' biggest source of imports with 20.3 percent share in May 2018. "Import payments to this country stood at 1.92 billion U.S. dollars, posting an increase of 18.8 percent from 1.62 billion U.S. dollars in May 2017," the PSA said.
Import bills from the top ten countries for the Philippines in May 2018 amounted to 7.37 billion U.S. dollars or 77.8 percent of the total imports, the PSA said.
Chinese mainland emerged as the top trading partner of the Philippines in 2017 with total bilateral trade valued at 23.82 billion U.S. dollars, according to the Department of Trade and Industry (DTI) of the Philippines released this month.
Based on published data, the DTI said historical trend showed that from 2015 to 2017, Philippine merchandise exports to Chinese mainland reflected a compound annual growth rate (CAGR) of 13.95 percent.
The PSA said Japan ranked fourth with export shipments valued at 756.31 million U.S. dollars or a share of 13.1 percent.
The United States ranked first with an export value of 840.15 million U.S. dollars or a share of 14.6 percent of total exports in May 2018.
China's Hong Kong SAR placed second with exports value of 796.47 million U.S. dollars or 13.8 percent of the total exports for May 2017.
Singapore placed fifth, contributing a 6.4 percent share to total exports or an export value of 366.39 million U.S. dollars.
Completing the top ten market destinations for May 2018 were South Korea with 274.29 million U.S. dollars; Germany, 235.07 million U.S. dollars; Thailand, 229.86 million U.S. dollars; Taiwan, China 212.35 million U.S. dollars; and the Netherlands, 206.13 million U.S. dollars.
The Philippines' top 10 sources of imports are Chinese mainland, South Korea, Japan, U.S., Thailand, Indonesia, Singapore, China's Taipei. Malaysia, and Hong Kong SAR. Enditem
