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The record-high surge in China-Philippine trade is
being replicated in 2008.
The latest figures from the
National Statistics Office (released May 9, 2008) shows that in
March 2008, the People’s Republic of China (excluding Hong Kong,
which is in China but is sometimes entered separately in statistical
compilations), “emerged as the third biggest market for March
shipments, amounting to $549.15 million or 13.1 percent of total
[Philippine] exports, an increase of 13.2 percent from a year ago
amounting to $485.02 million.”
Hong Kong exports in March 2008
ranked fourth “with a value of $423.45 or 1-.1 percent of total
exports, [which] declined by 35.3 percent from $653.39 million in
March 2007.”
Japan was our top export market
and the United States our second in March.
On January 25, the Economic and
Commercial Counselor’s Office of the Embassy of the People’s
Republic of China, released this information to the public. It is
also available in the embassy’s website.
Chinese Customs data show that
the China-Philippine trade volume of Year 2007 surged to a
$30.62-billion record high, surpassing the $30 billion goal for 2010
that was set in 2005 when Chinese leader Hu Jintao visited the
Philippines.
Rapid development of bilateral
trade
Recall the development process of
China-Philippine trade since the start of the 21st century, the
vigorous growth trend is very prominent. The bilateral trade volume
is a mere $3.14 billion in 2000, from then on bilateral trade volume
grew rapidly with an average growth rate of more than 35 percent, by
Year 2006 it hit $23.41 billion, 360 times as much as that of 1975
when the two nations established diplomatic relations! Trade volume
of 2007 surged to record high, more than 10 times as much as that of
2000, strongly indicating the huge development potential of
bilateral trade. At present, the Philippines has become the 19th
biggest trade partner of China, the fourth among Asean countries;
China is the third biggest trade partner of the Philippines, and the
first if Philippine trade with Hong Kong and Taiwan are included.
The rapid growth of
China-Philippine trade is due to the continuous strengthening of the
friendly bilateral relationship. The frequent exchange of high level
visit by the leaders of both countries has greatly promoted the
comprehensive cooperation between the two sides in every field, the
leaders of both countries have spoken highly of the bilateral
relationship as entering an golden age on various circumstances.
After the successful visit to the Philippines made by Chinese
Premier Wen Jiabao, President Arroyo visited China four times in one
year, breaking the record ever made by a leader in visiting a
specific country. The high frequency and exposure of bilateral
visits has strengthened the understanding and friendship between
peoples of both countries and promote the cooperation and exchange
between two countries. The tourists visiting the Philippines from
China has surpassed 150 thousands, China has become the 4th largest
source of tourists for Philippine.
China-Philippine trade in
recent years
The severe trade imbalance
With the rapid growth of
bilateral trade, the problem of trade imbalance has become more and
more prominent. The Chinese Customs data show that the export volume
to Philippine is $7.5 billion, while the import volume from
Philippine is $23.12 billion in the year 2007 leading to a huge
trade deficit of $15.62 billion by the Chinese side.
The composition of import
& export commodity needs optimization
On the one hand, the commodities
exported to the Philippines are diversified, including electronic
products, textiles and clothing, steel, light industrial utensil
ext. On the other hand, the imports categories from Philippine by
the Chinese side are relatively concentrate, with electronic
products account more than 80 percent of the total imports volume.
The trade complement between two sides needs to be enhanced.
China Products Exhibition
Earlier this month, there was a
China Products Exhibition.
It was a special one because it
marked the 33rd years of China-Philippine relations.
The Chinese exhibition-organizers
made sure, according to the Chinese ambassador, that
highly-developed and well-esteemed Chinese enterprises and
entrepreneurs came to the Philippines. And that is why, he said,
“their flagship products and services, ranging from personal
electronics, appliances to motors and large machineries” were in
the exhibits.
Ambassador Soong Tao expressed
the hope that the “high-end exhibition could enhance the
Philippine businessmen’s awareness of Chinese products, promote
the economic and trade cooperation between the two countries, and
thus bring tangible benefits to our consumers.”
Ambassador Song Tao’s audience
included Secretary Peter Favila of the Department of Trade and
Industry and other Filipino and Chinese dignitaries.
He also said: “This Exhibition
also echoes with the thirty-third anniversary of our bilateral
diplomatic relations. Over the thirty three years, especially in
recent years with our concerted efforts, the Sino-Philippines
relations have experienced a healthy development. Our economic and
trade cooperation has enjoyed a smooth growth and our trade volume
has expanded in a fast track. According to Chinese statistics, the
bilateral trade volume in 2007 has reached 30.62 billion USD.
“The two countries also have
conducted fruitful cooperation in agriculture, infrastructure,
fishery, and other sectors.
“Last month, China granted
market access to Philippine mango farmers. Now, not only Chinese
consumers can enjoy delicious mangoes from this country, but also
more than 2.5 million Philippine mango farmers can benefit a lot
from the large market of China. Again, the fact has proved itself
that a healthy and smooth development of our economic and trade
cooperation has brought substantial bonus for both Chinese and
Filipinos.”
“China considers the
Philippines as its good neighbor and attaches importance to the
mutual beneficial cooperation between the two sides. It is China’s
unwavering conviction that enhancing our friendly relations,
including economic and trade cooperation, is well in line with the
common interests of our two peoples.
“The Chinese Embassy is willing
to join hands with the Philippine side, keep promoting our mutual
beneficial economic and trade cooperation, and reinforce the efforts
for our respective economic prosperity and social development, so as
to contribute to maintaining the peace, stability and progress in
the region.”
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