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Wednesday, June 09, 2004
Mindanao exports post 10.5% growth
MINDANAO exports kicked off strongly during the first quarter of 2004, posting a dramatic increase of 10.5 percent, propelled by continued growing demand for the island's high value agri-industrial products.
Data from the Department of Trade and Industry (DTI) Regional Offices in Mindanao showed export value rising to $320 million from January to March of 2004 from the $299 million export value registered for the same period last year.
Mindanao's robust foreign trade at the beginning of the year was largely fueled by the increases in fresh and processed food exports.
Data processed by the Mindanao Economic Development Council (Medco) Secretariat from the DTI showed shipments of fresh and processed fruits, tuna, coconut oil, sugar and other base metal ore and concentrates helped the export-earning island region expand its first quarter exports by double-digits.
Fresh fruit exports for the first quarter of 2004 were valued at $92 million, up from last year's $82 million. Processed fruit products export values meantime surged to $35 million from $27 million in the previous year.
Year on year figures also showed significant increases in base metal ores and concentrate exports, rising from $11 million to US$18 million; sugar from $5 million to $10 million; coconut products from $5 million to $7 million; nickel and nickel ores and concentrates from $3 million to $6 million; and, cement and cement products from $3 million to $6 million.
Most of these products were exported to the US, Netherlands, Japan, Taiwan and China markets.
"The positive export performance of Mindanao in the first quarter strongly indicates a bullish economy ready to compete in a wider global trading arena," said Presidential Assistant for Mindanao and Medco Chair Jesus Dureza, citing Mindanao's consistent two-year hike in exports since the slump in 2001.
In 2001, Mindanao exports was down with a negative growth rate of 5.37 percent, while battling spill-over effects of 2000 global security and political concerns. But, Mindanao's export performance rebounded in 2002 with 0.16 percent growth and continued to grow in 2003 by 4.49 percent.
Mindanao's first quarter export performance was propelled by the strong performance of banana-producing Davao region which leads growth contribution at 43 percent, followed by Northern Mindanao at 32 percent. The tuna belt region of South Cotabato, Cotabato Province, Sultan Kudarat, Sarangani and General Santos City (Socsksargen) had an 18 percent share, while Zamboanga Peninsula and Caraga region registered 4 percent and 2 percent growth contribution, respectively.
"I can see that the strong export up trend now will likely remain intact for the rest of the year, with other regions improving their growth contributions, paving the way for the island's full-blown economic growth," said Dureza, adding that this will spur businesses to invest further and create more jobs.
To keep Mindanao exports momentum strong, Dureza said local exporters need to expand their marketing horizons.
Beyond the usual trading of cosmetic products to Malaysia and Indonesia, he said Mindanao and Palawan need to explore other means of spurring business and jobs within the lucrative markets of Brunei Darussalam-Indonesia-Malaysia-the Philippines East Asean Growth Area (BIMP-Eaga).
Created in 1994, the BIMP-Eaga is a sub-regional cooperation, which aims to develop the trade, investment and tourism climate in the growth polygon by facilitating the movement of goods, people and services.
BIMP-Eaga has been identified by the Arroyo administration as a key development strategy for Mindanao and Palawan.
(June 9, 2004 issue)
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