Trade sec optimistic PH export growth to remain positive despite COVID-19

Trade Secretary Ramon Lopez remains optimistic that the Philippines' export sector will still achieve positive growth despite potential slowdowns caused by the coronavirus outbreak.

Lopez acknowledged that global slowdowns, particularly in China as the country's top trading partner, will inevitably affect exports.

He projected a possible slowdown from the previous 1.5 to 2 percent growth to around 1 percent or even less.

The impact on exports to Wuhan, which is on lockdown, is minimal as it only represents one percent of the Philippines' total trade with China.

The Philippines exports goods such as electronics and food products, including bananas, to China.

In 2019, the country's exports amounted to $70.3 billion, an increase from $69.3 billion in 2018, with the US, Japan, China, and Hong Kong as top export markets.

Lopez expressed confidence in the local economy's resilience, noting that the National Economic and Development Authority (NEDA) estimates only a 0.7 percentage point loss in GDP growth even if the outbreak persists throughout the year.

He highlighted that while other countries are experiencing declines in output and exports, the Philippine economy's growth remains strong.