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By APD writer Melo M. Acuna
**MANILA, March 15 (APD) ** – Philippine Trade and Industry Secretary Ramon Lopez said China has become the country’s top trading partner with bilateral trade valued at US$ 23.8 billion last year.
Speaking before the China International Import Expo organizers and possible participants, Secretary Lopez said China has also become the fourth (4th) biggest export market.
“Our exports to China last year included storage units worth US$ 1.2 billion, digital monolithic integrated circuits
amounting to US 1.2 billion, nickel ores and concentrates amounting to 494.35 million, seminconductor devices worth US 329 million and coal, US$ 296 million,” Mr. Lopez said.
He added exports to China increased by 9.73% due to the increase in the exports of monolithic inegrated circuits, cathodes and catholics of refined copper.
Imports from China also grew by 8.4% which include petroleum oils and oils from bituminous
minerals, parts and accessories for automatic data processing machines, materials accessories among others.
Secretary Lopez added opportunities for trade between the Philippines and China can still improve
with China’s population of 1.4 billion in 2017.
He explained the world’s Chinese nationals shifted to urban areas and projected to have 70% of its population expected to live in urban areas by 2030.
He noted China’s mediam age was 37.9 years, 7.6 years greater than 2000 figures and will continue to increase to 41.9 years by 2030.
He credited President Rodrigo Roa Duterte for his efforts to strengthen relations between the China and the Philippines since he assumed office last June 30,2016.
“I ask our Filipino friends and partners from the private sector to note that it’s impossible to ignore
the huge US$10 trillion Chinese market due to their rapid growth of consumption and imports,” Secretary Lopez said.
Both the Chinese and Filipino governments launched their “roadshow” promoting the China International Import Expo scheduled from November 5-10 in Shanghai.
Two other events will be held in Cebu and Davao in the next couple of days.
Former PCCI President Dr. Francis Chua also called on Filipino businessmen to participate in the import expo which was the brainchild of Chinese President Xi Jinping.
(ASIA PACIFIC DAILY)
