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Monday, May 05, 2003
Asian markets bolster RP's export growth
By Christie Enriquez-Uayan
AS THE Philippines' major export markets, Unites States and Japan continue to dwindle, it's Asian markets continue to grow.
For the first two months of this year, the country's total export growth collected from its neighboring Asian nations went up by 11.2 percent, compared to the same period last year.
The country's exports to Hong Kong, as the Department of Trade and Industry records revealed, surged to 51.51 percent. Malaysia jacked up their orders from the country by 37.43 percent, while exports to Thailand increased 18 percent.
Completing the six top Asian export markets to Philippine products were Singapore, Taiwan and Korea, with export revenues swelling to 9.31 percent, 8.8 percent, and 2.12 percent, respectively.
The said nations accounted for the a total of 35 percent of the nation's export market share.
The first two months of this year also saw a rise of 3 percent of the country's total gains in exportation. Aggregate revenues hit $5.415 billion, higher than last year's $5.259 billion.
Renewed inventory build up in anticipation of cost increase following the recently concluded US- Iraq war was identified as the reason for the amplified demand.
A 4.6 percent growth was felt by the electronics sector, which makes up 55 percent of the Philippines total exports.
The country' second highest export earner, garments and textiles, grew by 15.6 percent. Records showed that sales from these grossed $37675 million. Last year's income from this industry totaled $325.86 the same period.
Petroleum products, the third highest export achiever, hulled in a total of $97.76 million, a whopping 122 percent increase from last year's $ 44 million.
Meanwhile, exports to the European continent, especially through Germany and the Netherlands, which serve as important transshipment points in Europe, recorded 14 percent growth.
The United State's market share in the Philippines slid down to 21 percent form last year's 25 percent, as the total amount of goods shipped to the US dropped 13.28 percent from $1.134 billion last year.
Exports to Japan recorded a humble 1.43 percent increase from last year's $826.47 million to $838.27 million this year.
(May 5, 2003 issue)
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