Local merchandise exports are expected to recover this year from a 5.6 percent contraction in 2015, with the electronics sector seen leading the rebound, a trade official said.
“Merchandise [exports]had a 5.6 percent decline [in 2015]. . . we see a recovery this year because electronics are rallying again,” Sennen Perlada, director of the Industry Promotions Group under the Department of Trade and Industry (DTI), told reporters on Thursday.
Merchandise exports cover 70 percent of total exports, the balance of which are services exports.
Perlada said services exports grew by a “high single digit” or from 6 percent to 9 percent in 2015, mostly due to the robust information technology-business process management (IT-BPM) sector.
The DTI official said they are “promoting other sectors” such as construction, tourism and education services sectors, which can drive up service exports, apart from the IT-BPM sector.
“The IT-BPM sector is at its peak. We have to promote other [sectors like]construction, tourism related and education related services,” Perlada said.
In terms of education services, Perlada said the primary export target is the Association of Southeast Asian Nation (Asean).
Earlier, the DTI announced it was targeting 8 percent to 9 percent growth in total exports for 2016. The total export numbers are still being finalized.
The state-run Development Budget Coordination Committee (DBCC), meanwhile, has revised its export growth target downward for this year to 5 percent from 6 percent previously.