MERCHANDISE exports growth eased to single digits in February, a slowdown both government and industry officials said reflected a normalization from last year’s rebound.
Outbound shipments grew by 8.2% to $3.864 billion during the month, the National Statistics Office (NSO) yesterday reported, the slowest since November 2009 when exports began to recover from the global downturn.
“We are going towards a normal growth rate,” Socioeconomic Planning Secretary Cayetano W. Paderanga, Jr. said.
Sergio R. Ortiz-Luis, Jr., president of the Philippine Exporters Confederation, Inc., called the slowdown “natural [because] last year was a recovery for both exports and imports.”
On a monthly basis, exports were down 3.4% from January’s $4 billion.
Electronics, still the country’s top export at 52.2% of the total in February, dipped by 2.7% year-on-year and by 5.9% month-on-month.
Mr. Ortiz-Luis, also vice-chairman of the public-private Export Development Council, said the 10% growth forecast for 2011 would be maintained.
This year’s outlook is down significantly from last year’s 34% surge.
Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Ernesto B. Santiago said his organization was also keeping its 12% growth target for the year.
“We expect a rebound driven by normal business growth in the second half,” Mr. Santiago said.
The same outlook was offered by University of Asia & the Pacific (UA&P) economist Cid L. Terosa, who said: “Electronics will pick up by the third and fourth quarters [following the] seasonal trend.”
Japan was the top export destination in February, with a 17.2% share or $665.7 million, up 6.2% from a year earlier. It was followed by the United States, which had a 16% share or $616.89 million, up by 2.2 %. The third-biggest market was China, which accounted for 11.2% or $433.8 million, a 46.5% increase.
The impact of a devastating earthquake and tsunami in Japan, said Mr. Ortiz-Luis, may be “temporarily reflected in March.”
Exports “may probably go down for the next month … [but] in a few more months, we see opportunities in rehabilitation” that could start “by the end of April.” — K. J. Q. Ang, Businessworld
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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