CEBU, Philippines - Foreign trade in Central Visayas weakened in the first half of 2015 due to flagging exports and imports, the National Economic and Development Authority said.
Melissa Guantero, supervising economic development specialist at NEDA-7, said the region's weak foreign trade may suggest that the "anticipated and hoped recovery in global trade is far from being realized."
Showing official data, Guantero revealed export earnings of Region 7 in the first semester totaled US$2.32 billion, down 7.3% from US$2.5 billion in same period last year.
The region's import earnings, on the other hand, declined 21.3% to US$1.6 billion in the first six months of 2015 from US$2.1 billion a year ago.
"Value of imports saw a greater decline by 21.3% in the first semester, due in part to a stronger dollar which made imports more expensive," Guantero explained, speaking at the recent Board of Investments road show in Cebu City.
Guantero also pointed out that Region 7's export performance in 2015 was affected by economic problems experienced by its trading partners such as China and some Eurozone countries.
"Volatilities in the international scene are likely to constrain the growth of the region's export industry for the rest of the year," the NEDA official projected.