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News: Exports in 2010 break all previous records - 22 Mar 2011
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)  (Source: PhilStar.com, 22 March 2011)
Posted By: PHILCTTIS Data Center 
 
Date  Title  Action
Article 
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22 Mar 2011  Exports in 2010 break all previous records  View
08 Feb 2011  Climate change-ready crops developed  View
26 Nov 2010  Philippines 4th among world's top remittance recipients   View
15 Nov 2010  Electronics sector sees exports hitting $50 billion   View
04 Nov 2010  Pure Foods to raise P50 billion for expansion   View
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27 Sep 2010  ERC Okays NGCP Visayas Expansion  View
27 Sep 2010  BPO Expands RP Facility Into Its Asia-Pacific Hub  View
09 Sep 2010  RP export earnings rise 35.9% in July   View
16 Aug 2010  Exporters plan to raise 2010 growth target  View
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29 Feb 2008  DOT Embarks On Selling Mission To Scandinavian Region  View
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17 Feb 2008  Remittances at record $14.4b  View
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09 Feb 2008  BSP to review effects of peso rise on exports  View
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03 Feb 2008  Senate urged to ratify Kyoto Convention  View
25 Jan 2008  Dutch firm ties up with auto parts maker for electric jeepney  View
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02 Dec 2007  Auto parts makers optimistic of double digit growth in sales  View
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30 Nov 2007  International College of Surgeons Philippine Section at 58  View
15 Nov 2007  RP nominated as Asian Spa Capital of Year  View
10 Nov 2007  Filipino construction sector eyes business in Bahrain  View
28 Oct 2007  Toyota Motors reviews overall ASEAN operations  View
28 Oct 2007  SME exporters halt taking buying orders due to strengthening peso  View
13 Oct 2007  Flying V: Oil import tariff cut seen to stabilize prices  View
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