Philippines-China bilateral trade tops US$30b in 2011

February 24, 2012 Edited by He Shan

Philippines-China bilateral trade in 2011 surpassed the 2007 high of US$30 billion to reach US$32.254 billion, according to statistics of China General Administration of Customs. Bilateral trade jumped 35% from US$20bn in 2009 when was at the height of the financial crisis, to US$27.764 billion in 2010. Trade grew by another 22% from 2010 to 2011 to US$32.254 billion.

The Philippines continues to register a trade surplus with China, with its strongest exports in the electronics sector. As party to the ASEAN-China Free Trade Agreement, the Philippines has further opportunities for trade in agriculture, minerals, industrial products, and high-quality/design-intensive consumer goods. Both sides have been exploring further measures to diversify trade relations, to achieve the bilateral trade target of US$60bn by 2016, as committed by both sides during the State Visit to China of President Benigno Aquino III.