MANILA, Philippines—Bilateral trade between the Philippines and China in 2011 surpassed the 2007 high of $30 billion despite the two countries’ diplomatic spat over conflicting claims in the West Philippine Sea.
Citing a report from the Philippine Embassy in Beijing, the Department of Foreign Affairs said the total trade between the Philippines and China now stands at $32.254 billion, a 22-percent increase from the $27.7 billion figure the year before.
Statistics of the China General Administration of Customs showed that bilateral trade has jumped 35 percent since 2009 when total bilateral trade stood at $20 billion, the DFA said.
The Philippines logs a trade surplus with China, with its strongest exports in the electronics sector.
In a statement last month, the DFA said the growth signaled “the continuing robustness of bilateral economic relations amid weaknesses in the global economy.”
Embassy Charge d’Affaires Alex G. Chua said the figures were “an indication of the strength, resilience and potential of the trade and economic ties between the two countries.”
“The momentum is positive and encouraging for both sides, especially as both countries aim to meet the $60-billion trade goal by 2016, which was set jointly by President Benigno Aquino III and Chinese President Hu Jintao in September during Mr. Aquino’s visit to China,” Chua said.
To lift import tariffs
He said the embassy was confident the current trend could be sustained under the Association of Southeast Asian Nations (Asean)-China Free Trade (ACFTA) regime, when import tariffs will be lifted.
As party to the ACFTA, the Philippines has further opportunities for trade in agriculture, minerals, industrial products, and high-quality and design-intensive consumer goods, the DFA said in a statement on Friday.
“Both sides have been exploring further measures to diversify trade relations, to achieve the bilateral trade target of $60 billion by 2016,” it added.
Over the past few years, the Asean countries have become among China’s top trading partners, with Asean exports to China growing very fast. China is now the Philippines’ third biggest trading partner.