DTI: Export industry to suffer if PHL cuts trade with China

Monday, September 5th, 2016. Filed under: Philippine News
Protesters blow shofars during a rally at the Chinese Consulate in Makati City, Friday. China has urged the Philippines to withdraw a case it has filed at a U.N. arbitration tribunal over claims in the West Philippine Sea. (MNS photo)

Protesters blow shofars during a rally at the Chinese Consulate in Makati City, Friday. China has urged the Philippines to withdraw a case it has filed at a U.N. arbitration tribunal over claims in the West Philippine Sea. (MNS photo)

MANILA  (Mabuhay) – Exporters will suffer the consequences once merchandise trade between the Philippines and China stops, the Department of Trade and Industry (DTI) said.

The export industry will take a hit if trade relations with China were cut, considering it is one of the Philippines’ top export markets, Trade Secretary Ramon Lopez on Friday told a congressional hearing on the DTI’s proposed budget for 2017.

Duringthe hearing, Magdalo party-list Rep. Gary Alejano asked Lopez about the implications of severing trade ties with China in light of the ongoing maritime dispute over the West Philippine Sea.

The Cabinet official noted the primary impact would be on the employment of exporters supplying the Chinese market and a huge amount of shipments. “It’s something we can’t immediately replace if we lose that opportunity to export to China.”

As of 2015, merchandise trade between the two countries stood at $17 billion. Philippine exports to China totaled $6.39 billion, while imports reached $10.8 billion.

Among biggest shipments to China are integrated circuits, electronics, and nickel ores and concentrates, Lopez said.

China mainly ships accessories, parts of electrical apparatus, and other intermediate goods to the Philippines. (MNS)

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