APEC member countries are RP's largest trading partners - NSO

Other member-countries of the Asia Pacific Economic Cooperation were the largest trading partners of the Philippines in 2006, the National Statistics Office reported on Friday. The NSO said total external trade of the Philippines with the other 20 members of APEC last year amounted to $78.183 billion or 78.8 percent of the entire trade. Exports to APEC member countries amounted to $37.577 billion or 79.3 percent of the total export receipts while import payments reached $30606 billion or a 78.4-percent share of the total imports. The leaders of 21 Pacific Rim nations are meeting in Sydney, Australia this weekend to endorse, among others, the resumption of the Doha round talks led by the World Trade organization which aims to liberalize trading among countries. "Topping the list were the United States, $17.126 billion or 21.9-percent share; Japan, $15.188 billion or 19.4-percent share; People's Republic of China, $8.275 billion or 10.6-percent share; and Singapore, $7.884 billion or 10.1-percent share of the APEC total trade," the NSO said. Electronic products were still the Philippines' major export to other APEC members, making up of $23.212 billion or 61.8-percent share of the total APEC exports. Other top exports were articles of apparel and clothing accessories; cathodes and section of cathodes of refined copper, petroleum products and woodcrafts and furniture. Meanwhile, the Philippines' largest sources of imported products were the US, Japan, Singapore, Taiwan and People's Republic of China. "Topping the list of imported goods from APEC countries were Electronic products, $21.872 billion; Mineral Fuels, Lubricants and Related Materials, $3.094 billion; Industrial Machinery and Equipment, $1.642 billion; Transport Equipment, $1.486 billion; and Iron and Steel, $1.104 billion," the NSO added. - Cheryl Arcibal, GMANews.TV