Friday, 11 February 2011

2010 exports breach $50-B mark

JENNIFER A. NG
Business Mirror
http://www.businessmirror.com.ph/home/top-news/7338-2010-exports-breach-50-b-mark

MERCHANDISE exports for the whole of 2010 breached the $50-billion mark on the back of the 40.11-percent increase in the shipments of electronic products, rising 33.7 percent to $51.39 billion, from $38.43 billion in 2009, the National Statistics Office (NSO) said on Thursday. This exceeded the government target of increasing shipments 15 percent.

The contributions of electronic products to the total merchandise exports were $31.07 billion, or 40.11 percent higher in 2009. Other top performers in 2010 were articles of clothing and apparel, coconut oil, woodcraft and furniture, and metal components.

Articles of clothing apparel went up 11.57 percent to $1.7 billion, while receipts from coconut oil were up 112 percent to $1.26 billion.

“If you will factor in the revenues generated from the services sector or those from the business-process outsourcing sector, total exports would be higher. We estimate that revenues from the services sector reached $8 billion in 2010,” said Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis in a telephone
interview.

He said the last time the country’s total merchandise exports breached the $50-billion mark, also on the back of the strong performance of electronic products, was in 2007, just before the financial crisis hit major markets for Philippine-made products.

University of the Philippines economist Benjamin Diokno said, however, that while merchandise export performance exceeded expectations, it is unlikely such will be repeated in 2011. “We’re not yet out of the deep hole. For one, our trading partners are currently in what you call fiscal austerity mode.”  

At best, he added, merchandise exports for 2011 will post a 10-percent increase. 

For the whole of 2010, the top three destinations for Philippine-made products were Japan, the United States and Singapore. Japan was the top buyer purchasing almost $7.8 billion.

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