The Philippine has been maintaining trade deficit with other ASEAN members despite high economic growth, Xinhua news agency quoted Trade Undersecretary Adrian Cristobal as saying on November 5.
The Philippine has been maintaining trade deficit with other ASEANmembers despite high economic growth, Xinhua news agency quoted TradeUndersecretary Adrian Cristobal as saying on November 5.
The Philippine trade deficit with ASEAN allies climbed 43.5 percent from3.9 billion USD in 2010 to 5.6 billion USD in 2011, but eased to 4.3billion USD in 2012, a drop of 23.2 percent, Adrian Cristobal said.
However, Philippine exports to other ASEAN members grew by 20.4 percentper year in the 1992-2008 period. At present, about 19 percent ofPhilippine exports go to ASEAN markets, he said.
TheASEAN provides better alternative source of imports for key inputs, rawmaterials, critical finished products or components in global valuechains, he added.
The Trade Department noted that thePhilippine trade with ASEAN is largely intra-industry in nature in thesame manner that the country's trade relationship in ASEAN is largelycomplementary rather than competitive in nature.
TheAssociation of Southeast Asian Nations, known as ASEAN, groups Brunei,Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,Singapore, Thailand, and Vietnam.-VNA
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