Subic exports hit $998 million in 2008

The Subic Bay Freeport Zone earned $997.84 million from exports last year, the highest recorded overseas sales in six years, the Subic Bay Metropolitan Authority (SBMA) reported yesterday.

In a report, SBMA said the 2008 figures slightly higher than the 2007 exports despite the slowdown in global consumer demand.

SBMA said the .67-percent increase in exports was a result of the good performance of the free port’s electronics and maritime industries.

“Our 10 biggest manufacturers provided the bulk of Subic ’s exports in 2008 — a total of $849 million, which is roughly 87 percent,” said SBMA administrator Armand Arreza.

“I believe this is an achievement in itself,” he added. “The fact that we did not turn out a negative figure last year despite the recession speaks so much of the resiliency of our business locators here.”

Arreza said two Subic exporters, the Taiwanese computer giant Wistron Infocom (Phils) Corp. and Hong Kong’s import-export firm Lets Do Mobile Philippines, contributed more than half of Subic ’s $977.84-million export earnings last year, with export production of $274.88 million and $234.5 million, respectively.

This was followed by two Japanese manufacturers electrical machinery and appliance maker Sanyo Denki with $78.08 million, and ATM and cash register producer Hitachi Terminals Mechatronics Phils. with $76.37million.

Fifth biggest exporter was Korean shipbuilder Hanjin Heavy Industries Co.-Philippines (HHIC-Phil), which earned $61.74 million.

Other exporters who made it to the top 10 list were Japanese wood products manufacturer Juken Sangyo (Phils.) Corp., with $44.17 million; Taiwanese lock maker Tong Lung Metal Industry, with $27.94 million; Taiwanese aircon manufacturer Hitachi , with $20.31 million; Japanese precision electronics motors producer Nidec Subic Phils. Corp., with $17.78 million; and Japanese electronics sensor maker Nicera Phils. Inc., with $13.26 million.

Arreza noted that the export production last year was the biggest since overseas sales dipped in 2003 wherein only $691.14 million worth of exports were recorded. Exports picked up in 2007 with a total of $971.73 million.

Meanwhile, importations by the locator companies reached $2.27 billion in 2008, with the bulk consigned also to some of the biggest exporters in Subic.

SBMA records as of October 2008 indicated that the biggest importer last year was PTT Philippines, which traded in petroleum products, with a total freight on board value of $465.25 million.

This was followed by HHIC-Phil., with $389.32 million; Lets Do Mobile, with $214.89 million; Wistron Infocom, with $187.84 million; and Korean firm Hanil Engineering and Construction Co., Ltd., with $174.32 million.

Another oil and petroleum products trader, Tri-Solid Movers Services, Inc., was the sixth biggest importer last year, with $65.08 million worth of imports; Sanyo Denki, with $38.42 million; Juken Sangyo, with $29.97 million; Hitachi Terminals, with $28.26 million; and Nidec Subic, with $26.86 million.