Robust export performance in 2010 buoys export sector

MANILA, Philippines – The robust export performance in 2010 will result in more businesses and investments in the local export sector, the Department of Trade and Industry (DTI) said yesterday.

The positive upturn in Philippine export figures has motivated exporters to further take advantage of the country’s current competitive position and seize new opportunities in the export business, Trade Secretary Gregory L. Domingo said.

“The country’s improving export performance proves our country’s resilience and ability to bounce back regaining lost ground in exports. While the electronics sector, our number one export, continues to grow, we are determined to make the export industry sustainable by strengthening our other export industries and developing new export winners,” he added.

Based on the statistics released recently by the National Statistics Office (NSO), Philippine merchandise exports grew by 11.2 percent to $4.13 billion in November last year from $3.71 billion recorded in the same period in 2009.

“The DTI continues to work closely with the private sector, academe, research institutions, and local government units so that businesses at the micro level are provided the much needed support to reach the export status,” Domingo said.

Meanwhile, Donald G. Dee, vice chairman of the Philippine Chamber of Commerce and Industry (PCCI) said the strong export performance will result in companies offering more specialized products and services. “The positive figures also challenge us to move up the value chain so that the export growth will have significant impact across the economy,” Dee said.

Aggregate merchandise exports for January to November 2010 increased by 34.5 percent to $47.22 billion from $35.11 billion from a year ago, signaling that the country’s export sector is heading towards achieving the peak of its performance in 2006-2008.

This growth momentum, added Dee , spurs business optimism as we look forward to full recovery of exports to its pre-crisis level.

Electronic products remain the country’s top exports amounting to $2.33 billion in 2010, higher by 8.5 percent from the 2009 level. Semiconductors, one of the major groups of electronic products for exports, account for the biggest share of the total exports at 41.6 percent.

The government has targeted as much as $50-billion exports in 2010 and the strong numbers in November point to achieving such target.

Top export markets for the period were Japan accounting for 16.2 percent with purchases worth $668.27 million; China, 652.76 million; US, $488.62; Singapore, $462.86 million; and Hong Kong, $406.62 million.

Other markets were Taiwan, $192.68 million; Thailand, $158.09 million; Germany, $150.38 million; Korea, $150.07 million; and the Netherlands, $124.57 million. –Ma. Elisa P. Osorio (The Philippine Star)