Garments, food, copper and furniture join the winners in the spectacular export rebound last March
May 17, 2010 The spectacular 43.7 percent export growth in the month of March was not only propelled by the quick recovery of the nation's top export product, electronics, but also pushed by the return of copper, food, furniture and garments in the list of major export goods on the road to recovery.
Garments which make up 3.5 percent of total exports and only second to electronics as the country top export, hauled in $146.07 million in March, an 8.5 percent jump from $134.63 million in sales in the same month last year.
It was the first time that exported clothing materials moved to positive territory after 17 successive months of negative growth.
Sixth biggest export, furniture and woodcraft product lines, also moved from its below zero growth for over a year to a growth rate of 9.9 percent in March on the back of $97.94 million. It was not yet a full recovery for furniture which posted over $100 million in monthly sales during the pre-crisis year of 2007.
Following the general trend were copper concentrates which gained by a whopping 273.7 percent and coconut oil, kicking up by 147.1 percent.
Food products except fresh pineapple and bananas, joined the rebounding segments of the export industry. For the first time since the pre-crisis years, agri-based products making up 5.4 percent of the total export revenue last March, posted a hefty growth of 49.7 percent on the strength of $225.83 million in export sales, the latest data released by the National Statistics Office had shown.
The rebound in over-all exports during the month on review also saw the re-emergence of the United States as the biggest single buyer of Philippine goods, absorbing 16.8 percent of all shipments.
But the trend which started in the year 2000 of more and more Philippine products finding their way to neighboring countries in East Asia was further reinforced by March export figures.
In all, Philippine exports to East Asia which includes China, Hongkong, Japan, Macau, Mongolia, North and South Korea and Taiwan continued to expand by 41.2 percent with purchases totaling $1.202 billion. This represented 43.3 percent of all Philippine exports in March.
Exports to ASEAN member-countries pole-vaulted by 91 percent on sales of $700.77 million from only $366.85 in March of 2009.
- Published by Abe P. Belena, PHILEXPORT News and Features || May 14, 2010
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