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Saturday, May 13, 2006
Top RP exports contribute to hefty growth in March
PERFORMING above expectations, most of the country's major exports, not only electronics, pitched in to register a hefty 25.8 percent growth in exports for the month of March and a consolidated 13.8 growth for the first quarter of the year.
Detailed records of the National Statistics Office (NSO) indicated that the biggest winner of the month was petroleum, which kicked up by 183.1 percent followed closely by coconut oil, which grew by 98.2 percent.
Top gainers included other products manufactured from materials imported on consignment, 64.5 percent; garments - 29.6 percent. Electronics landed fifth growth driver at 24.7 percent.
Rounding up the list of top gaining exports were, cathodes made of refined copper - 23.7 percent, fresh bananas - 21 percent, ignition wiring - 17.8 percent and woodcraft and furniture - 8.8 percent.
The only loser among the top export revenue streams was metal component which retreated by 17.6 percent.
Overall, farm products that make up 28.4 percent of Philippine exports, hauled in US$193.62 million in March, growing as a group by 28.4 percent.
"If the momentum of growth is maintained and the government addresses the urgent issues raised by the exporters, we will still meet the double-digit export target this year," said Sergio R. Ortiz-Luis, Jr., president of the Philippine Exporters Confederation Inc. (Philexport).
The export industry had taken the challenge of President Gloria Macapagal-Arroyo to earn US$50 billion this year by localizing in the provinces the three-year export plan, the export leader noted. Some regions have made their own plans including their share in growth target.
But then again, a lot of monkey wrenches are thrown their way like the insistence of customs to require exporters to get the services of customs brokers moves by the legislature to totally ban common customs bonded warehouses used for tax-free importation of parts and raw materials for export, Ortiz-Luis said. (Philexport News and Features/Sunnex)
(May 13, 2006 issue)
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