CHINA vowed to trim the trade gap with the Philippines by increasing its imports during the recently held bilateral meeting in Beijing.
In a statement on Friday, the Department of Trade and Industry (DTI) said that Chinese President Xi Jinping “reiterated China’s policy to help balance trade with the Philippines by buying more goods especially agriculture and agri-based products and industrial goods.”
The same sentiment was shared by Chinese Commerce and Finance Minister Zhong Shan during a side meeting with Trade Secretary Ramon Lopez, DTI added.
As of end June, imports from China reached $1.93 billion while Philippine exports to the former registered at $824.85 million, according to the Philippine Statistics Authority.
This translated to a total trade of $2.75 billion and $1.1-billion trade gap in favor of China.
DTI noted that exports to China have been growing by an average of 10 percent in the last three years. TYRONE C. PIAD