MANILA, Philippines — New winning export sectors have lifted Philippine exports for the month substantially compensating for the decline in the electronics sector due to soft demand in traditional markets such as EU and the US, the Department of Trade and Industry (DTI) said.
“Non-electronics exports registered commendable growth for the period compared to last year,” said Trade and Industry Secretary Gregory L. Domingo. “Our new export winners support the country’s strategy to sustain growth through less dependence on traditional exports like electronics and traditional markets like the US and EU,” Domingo said.
NSO data for January to July 2011 showed that the new export winners were the bright side in the Philippines’ export profile. Food exports grew by 26.5% for the period compared to 2010; home style products, 64.96%; mineral products, 61.51%; textile, apparel, footwear, and travel goods, 11.79%; construction materials, 13.94%; petroleum products, 187.42%; machinery and transport equipment, 51.93%; and coconut products, 42.38%.
Industry players also reported positive growth in the services sector. The sector is projected to go beyond the 16% target set for 2011 as several IT-BPO multinational companies are reportedly expanding operations in the Philippines.
The Philippine Export Development Plan (PEDP), the country’s blueprint for export development and expansion, has outlined several product strategies to grow and sustain exports through product strategies including moving up the value chain, capturing high value processes in the global supply chain, and developing product linkages for organic and natural and certification-enabled products. The PEDP also outlines market strategies.
“Our PEDP assessment is unfolding with remarkable export growth in emerging markets like China,” said Undersecretary for International Trade Adrian S. Cristobal Jr.
Exports to China remained at a double-digit growth rate of 38.70%. Total Philippine exports to Eastern Asia posted a 28.52% growth. According to the Ministry of Commerce of China, China’s imports were up by 22.9% equivalent to $143.64 billion year-to-date.
“Under the PEDP’s core market strategies, the Philippines intends to maximize the benefits of trade agreements, target high growth emerging markets, and attract the migration of supply nodes to the Philippines,” Cristobal added. The PEDP targets to double exports to $120 billion by 2016.
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Source: Manila Bulletin, Sept. 19, 2011
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