Trade Secretary Peter Favila said Monday he expects the export sector to begin rehiring the workers it laid off last year after ending a 13-month slump in November.
“We are hopeful that this positive growth will continue in the following months. This is election year and rebound will definitely be a good score card for the administration’s economic policy,” Favila said.
Export receipts year-on-year rebounded 5.1 percent in November last year to $3.7 billion, with mineral and manufacturing products leading the recovery.
Exports of manufactured goods rose 6.8 percent on year, with electronic shipments contributing the most with a 6.9-percent rebound.
The November export performance gave the country a promising view of a road to economic vibrancy, Favila said.
The rebound of the electronics industry, the hardest hit by the global crisis, would likely prompt companies to start hiring the personnel they laid off last year, he added.
The Semiconductor Industry Association said worldwide semiconductor sales in November were positive for the first time in 2009.
Semiconductors grew 8.5 percent on year and 3.7 percent from the October level. Sales to the Americas and Asia-Pacific, excluding Japan, increased by 25.9 percent and 12 percent, respectively.
Mineral products, meanwhile, grew 11.4 percent, led by copper concentrates (333.9 percent), gold (22.5 percent) and iron conglomerates (184.8 percent).
Exports in the first 11 months of 2009 fell 24.6 percent on year to $35 million but Favila said 2010 would be a promising year with a possible double-digit growth. –Julito G. Rada, Manila Standard Today
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