The trade volume between the Philippines and the Chinese
mainland last year surged to a record high of 30.62 billion U.S.
dollars, 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 dollars in 2000, is prominent, said
Liang Wentao, China's Economic and Commercial Counselor in
Manila.
The 2007 trade volume surpassed the 30 billion-dollar 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 the year 2006,
the trade volume hit 23.41 billion dollars 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 and Taiwan 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 dollars in 2000
to15.62 billion dollars 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.
(Xinhua News Agency January 25, 2008)
