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Philippines:19.5% November export figure fuels prospects of
double digit growth by year end |
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2005-1-13
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At 19.5 percent increase, export earnings for Philippines reached $3.69 billion in November registering fastest growth rate since July 2002, the National Statistics Office (NSO) announced yesterday.
It was 12.3-percent in October last.
The 11-month figure reached $36.38 billion, up 9.9 percent from $33.056 billion in the same period in 2003.
The government anticipates a 10-percent export growth for 2004.
Trade and Industry Secretary Cesar V. Purisima is optimistic that the country will hit its export growth target for 2004 following the impressive performance of vital export industries in November.
"It proves that Philippine goods remain competitive in the global market despite forecast of contractions in some market sectors. It also presents a good platform for better performance in the next few years,” said Purisima.
Citing timing as a factor, Confederation of Philippine Exporters (Philexport) President Sergio Ortiz-Luis, said exports for the second semester are always higher because "this is the time when most of the deliveries and shipments are made."
According to Ortiz-Luis, "if the figures continue to be good, we have a fighting chance to reach and maybe exceed our target of 10 percent for the entire 2004."
Philexport, Ortiz-Luis said, projects exports this year will hit 10 percent due to the growing market for electronics, much higher than the government projection of a mere eight percent growth.
Electronic products were the country’s top export again, worth $2.49 billion or 67.6 percent of the total in November for a gain of $16.1 percent over November 2003.
Among the major groups of electronic products, component/devices got the biggest share with 50 percent of total.
Apparel and clothing accessories totaled $176.92 million or 4.8 percent of total and were up 33.3 percent over a year earlier.
Purisima expressed happiness with the garment industry’s November record of 33 percent growth. "This validates that the Garments Transformation Plan conceived by the DTI Garments and Textile Export Board and the private sector is working," he added
Japan returned as a top export destination accounting for 23.7 percent of the market with export receipts valued at $874.13 million or 47.3 percent more than the $593.41 million.
Other destinations were the US, $493.68 million; the Netherlands, $429.67 million; Hong Kong, $229.73 million; and China, $267.57 million. |
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