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Trade between Philippines, Chinese mainland hits record high

(Xinhua)
Updated: 2008-01-25 17:56

The trade volume between the Philippines and the Chinese mainland last year surged to a record high of $30.62 billion, the Chinese embassy in the Philippines said on Thursday.

The bilateral trade growth in 2007, an increase of almost ten-fold from $3.14 billion in 2000, is prominent, said Liang Wentao, China's Economic and Commercial Counselor in Manila.

The 2007 trade volume surpassed the $30 billion goal for 2010 that was set in 2005 when Chinese President Hu Jintao visited the Philippines, he said, adding that the average annual increase over the past seven years in bilateral trade between the two countries is at a high of at least 35 percent.

"Since the start of the 21st century, the vigorous growth trend (between the two countries) is very prominent. By year 2006, the trade volume hit $23.41 billion or 360 times as much as that of 1975 when the two nations established diplomatic relations," the Chinese embassy official said.

The increasing trade volume between the Philippines and the Chinese mainland "strongly indicates the huge development potential of bilateral trade," he said.

The Philippines is the Chinese mainland's 19th biggest trading partner, and fourth among the ASEAN countries. Other ASEAN countries include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, and Vietnam.

On the other hand, the Chinese mainland is now the third biggest trading partner of the Philippines, and China as a whole, the biggest if Philippine trade with Hong Kong Special Administrative Region and Taiwan Province are included.

The diplomat attributes the consistent trade growth to the continuous strengthening of the friendly bilateral relationship.

"The frequent exchange of high-level visits by the leaders of both countries has greatly promoted the comprehensive cooperation between two sides in every field," he said.

Chinese Premier Wen Jiabao visited the Philippines in early 2007, while Philippine President Gloria Macapagal-Arroyo visited China four times in the year alone, which "breaks the record ever made by a leader in visiting a specific country," Liang said.

The Chinese diplomat said from 2000 to 2007, the balance of trade between the Philippines and China has always been in favor of the Philippines, increasing from $220 million in 2000 to $15.62 billion in 2007.

Chinese exports to the Philippines consist of electronic products, textiles and clothing, steel, and light industrial products, among others. On the other hand, he said Philippine exports to China consists 80 percent electronic products.

"The trade complement between two sides needs to be enhanced," the counselor said.