NEDA foresees exports recovery in CV

CEBU, Philippines - The National Economic and Development Authority (NEDA) foresees a recovering export industry in region, and is confident of finishing the year with a stronger performance.

NEDA-7 economic indicator for the first half of this year showed an impressive export performance with more than double growth compared to the same period of 2011.

According to the latest report released by NEDA-7, data point to furniture and fixture, one of the more important products of the region, as among the sectors that showed signs of recovery.

This was confirmed by furniture exporters from Cebu who noted an increase  of buyers’ interest on their products during the Manila Fame last March. Manila Fame is one of the longest running trade shows in the Asia-Pacific region.

Demand for some electronic products in the world market including consumer electronics also showed signs of picking up.

The first semester of this year recorded a 39.4 percent growth in cosolidated exports data of the country.

Likewise, imports of the region went up by 67.5 percent to reach US$1.3 billion in the first six months of 2012 from US$834.9 million in the same period of 2011.

This development, NEDA-7 said,  indicates a likely continued positive performance of the export sector in the next months as industries stock up to produce more.

With a higher export receipt growth of 102.8 percent, the balance of trade surplus grew to US$43.1 million for the period January to June 2012 from US$122.1 million in the same period of last year.

Over-all, the growth prospect of the regional economy continues to be upbeat and is foreseen to be anchored by the following to performing industries: IT/BPO and Knowledge Process Outsourcing, tourism, real estate development and retail trade.

The better performance of the export industry during the period helped boost the growth of the regional economy after a dismal performance in 2011. --- (FREEMAN)