Tuesday, 22 March 2011

Exports in 2010 break all previous records, registers 33.7% growth

Manila Bulletin

MANILA, Philippines – The Export Development Council (EDC) has revealed that exports in 2010 broke all previous records by staging a spectacular come-back, reflecting the recovery of major markets and posting the highest ever export revenues since 11 years ago.

In its preliminary assessment, EDC noted a major change in the sources of growth for the sale of Philippine goods - from its old trading partners in Europe and the United States to closer countries in the Asian region.

The report described as unprecedented the 33.7 percent growth in export revenues of $51.39 billion last year, breaching the peak record in 2007 at $50.27 billion. It was also the highest in the past 11 years.

"The growth was a reflection of the recovery of the economies of (some of the) Philippines' major markets, notably the United States, Japan, Hong Kong and the continued growth of China," the report said.

Banner holder in overturning a two-year losing streak into a winning sector in only a year was the electronics industry, which growth jumped by 44.1 percent over the previous year record with $31.08 in earnings.

Behind the spectacular change of fortune, the Semiconductor and Electronics Industries in the Philippines (SEIPI) reported to the EDC that the recovery was fuelled by heavy investments by individual manufacturers during the year under review.

SEIPI member companies injected a total of $2.32 billion in new technologies and production facilities last year, also a record high in the industry's history.

Electronics products make up the country's top exports, contributing more than half (59.89%) of total export earnings last year.

Also staging an impressive performance was the garments and textile industry, which, after many years of stagnation and decline, staged an 11.9 percent growth in 2010 on sales of $1.68 billion.

The third billion dollar industry, food, made an eleventh hour dash last December but its double digit growth that month was not enough to cover minimal growth in previous months. (EHL)

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