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Wednesday, June 22, 2005
Mindanao exports post 13% growth in 1st quarter
THE year's Mindanao exports kicked off strongly as the country's food basket pulled off a double-digit growth of 13 percent during the first quarter period, propped up by the sustained competence of its export winners particularly coconut, fresh pineapple and nickel ore.
Data processed by the Mindanao Economic Development Council (Medco) show that Mindanao's foreign export performance at the beginning of the year marked a dramatic rise from US$338 million during the first quarter of 2004 to US$382 million worth of exports in the same period this year.
Medco data show that brisk shipments of coconut oil, fresh pineapple, nickel ores and desiccated coconut helped Mindanao expand its first quarter exports by double-digits.
The 13 percent export growth was generated mainly by earnings from traditional export winners such as banana whose total export value for the first quarter reached US$79.5 million and coconut oil, whose first quarter export value of US$86 million exceeded last year's level by 22 percent.
A significant growth of 62 percent was also noted in nickel ore exports, which grew from US$6 million to US$10 million against the same period last year. Desiccated coconut followed with US$8.7 million or 35 percent growth from last year's US$6.4 million only. Fresh pineapple exports is also up by 20 percent at US$33.5 million
Other export winners such as tuna generated US$22.3 million while iron ore agglomerates reached US$14.8 million.
Non-traditional export products such as petroleum naphtha, particularly cetyl and stearyl alcohols commonly used for industrial preparations also boosted export growth with a total export value of US$16.8 million.
The regions of Davao and Northern Mindanao were the major export contributors to the first quarter export showing. Davao region has contributed the bulk share of 43% or US$165.5 million worth of exports, followed by Northern Mindanao with US$102.5 million or 27% share of the total export growth.
Meanwhile, Regions XII and IX contributed a total of US$75.8 million and US$27.1 million exports, respectively.
Caraga region also chipped in a total of US$11.1 million, the highest export growth this period at 72.8 percent up from just US$6.4 million in the same period last year.
Japan still dominates as the principal market capturing more than 23 percent, amounting to US$89.6 million, of Mindanao's total export products.
Meanwhile, USA captured 21 percent share of Mindanao's exports valued at US$80.7 million, followed by Netherlands at US$42.7 million, South Korea at US$25.4 million and Taiwan at US$24.5 million.
Medco chair Jesus Dureza said the island-region's positive performance showed "the robustness of the local economies and their ability to respond to continuing global demands for Mindanao products."
"Mindanao continues to show that contrary to public perception, the island performs and delivers, contributing significantly to regional and national growth," Dureza said.
"The performances also indicate that significant headway is being achieved in spurring and sustaining growth in areas within Mindanao that need the added push from the private and public sectors," Dureza added.
Dureza however emphasized that the continued improvement of products and production processes, along with the developing additional markets for Mindanao's products were imperative in order to sustain Mindanao's positive economic performance.
"While the statistics are encouraging, Mindanao needs to further strengthen on key factors such as improved production processes and take advantage of expanded trade opportunities provided by the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-Eaga)," Dureza explained.
"Mindanao, together with BIMP-Eaga focus areas, also needs to look at the lucrative North Asia and China markets and aggressively market its products there given the newly-established sea linkages in BIMP-Eaga," Dureza added.
BIMP-Eaga is a sub-regional cooperation created in 1994 aimed at spurring growth and development in the growth area by increasing trade, tourism and investments by facilitating the freer movement of people, goods and services to stimulate the expansion of the sub-region's market and resource base.
BIMP-Eaga strategies include the establishment of sea and air linkages between the focus areas in the growth polygon.
Dureza pointed out BIMP-EAGA transport linkages such as the new regular Bitung-Gensan route could give a significant comparative advantage to the sub-region's products, making them "more competitive in the global market."
For Bisaya stories from Davao. Click here. (June 22, 2005 issue)
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