CV exports up 6% in the first quarter

Despite the projected slowdown in the export market this year brought about by the slowdown in the global market demand, Central Visayas exports posted a six percent improvement for the first quarter of this year compared to the same period of last year.

Latest record from the Department of Trade and Industry (DTI-7) showed that the region generated US$998.98 million in the first three months of 2005, a six percent increase compared to record registered in the first quarter of 2004.

Ninety-nine percent of the total export earnings in the region is contributed by the electronic products, followed by other top five export products which include industrial goods, furniture, electrical equipment, garments, marine products, gifts, toys and houseware, processed food, fashion accessories, and vehicles and machinery parts.

For a time now, Japan overtook United States as the major export market to the Philippines. Fifteen-percent of the region's total earning came from the volume exported to Japan. Central Visayas' other top three biggest markets include United States, Hong Kong, Indonesia, and China.

Largest employer Cebu Mitsumi, Inc. in Danao City was the top exporter in Cebu in the first quarter this year, Pentax Cebu Philippines Corp. at the Mactan Economic Zone (MEZ-1) came as the second largest exporter.

Shipbuilding manufacturing plant, Tsuneishi Heavy Industries, Inc., at the West Cebu Industrial Park (WCIP) in Balamban is the third largest exporter this quarter, followed closely by Lexmark International Philippines, Inc., and Fairchild Semiconductor Corporation.

Earlier, senior regional economist of Standard Chartered Bank Mike Moran warned the exporters to temporarily divert their attention in the local business trade, as the export market is expected to weaken further in the next few months.