Tuesday, November 04, 2008 US is top export market of Mindanao By Joy Romares-Sevilla
THE United States of America (USA) is the top export market of Mindanao for the first semester of 2008, with US$378.65 million export value, the Mindanao Economic Development Council (Medco) reported.
Based on a data from the National Statistics Office (NSO) Central Office, Medco's report on Mindanao's foreign trade performance for the first semester of 2008 showed that USA shared 24.65 percent of the total exports of Mindanao. The value of US$378.65 million was higher by 63.03 percent compared to the export earnings of US$232.26 million during the same period last year.
Medco also reported that the top export commodity of Mindanao is coconut oil, both crude and refined. It shared 31.31 percent of Mindanao's export revenue.
The commodity posted a value of US$481.1 million during the period, or 106.72 percent increase as compared to its value in 2007 of the same level.
Other export commodities of Mindanao are fresh bananas with a share of 13.33 percent, recording a total of US$204.86 million, and prepared or preserved fish with a total export revenue of US$103.45 million.
Medco said that organic chemicals, flat-rolled products of iron or non-alloy steel, iron ore agglomerates, nickel ores, preserved pineapples, tunas, and fresh pineapples are also among the top earner commodities during the first semester.
Aside from USA, Japan was identified as Mindanao's second export market with earnings of US$308.19 million, accounting for 20.05 percent of Mindanao's export income. The top three commodities exported to this country include fresh banana, iron ore agglomerates, and organic chemicals.
Netherlands, China, South Korea, Malaysia, Iran, Indonesia, Taiwan, and Singapore also import products from Mindanao during the period.
The top commodities exported to these countries are coconut oil, nickel, organic chemicals, and fresh bananas.
Medco added that Mindanao's exports to Taiwan recorded an almost 70 percent increase from US$18 million for the first semester of 2007 to US$31 million during the same period this year. The commodities, which registered highest in terms of growth rates, are fresh bananas, natural rubber, and organic chemicals.
