CEBU, Philippines — Export producers in Central Visayas need to catch up to gain significant growth, an export official said yesterday.
While Philippine exports in general saw a 3.3.1 percent growth in August, exports in Region 7 have not seen significant gains, Philippine Exporters Confederation (Philexport) Cebu executive director Fred Escalona said.
"As far as I am concerned August was really a bad month for the region," Escalona told The FREEMAN.
Based on the latest trade data released yesterday, the export gainers in August were not Central Visayas' strong sectors.
The 3.1 percent export growth and 11 percent increase in imports drove the country’s trade deficit above $3 billion for the fifth straight month in August.
The trade deficit reached $3.513 billion in August, compared with $3.546 billion in July. In August 2017, the trade gap was $2.737 billion.
Regional export data weren't available yet.
Escalona cited the products that registered gains in August include cathode and refined copper; fresh bananas; other mineral products; electronics; and other manufacture goods, with electronic equipment and parts.
"If you look at the gainers list you don't see furniture, fashion accessories, food, seaweed, garments, home decor, among others, which are the traditional exports of Central Visayas," the Philexport official pointed out.
"Electronics are mostly PEZA (Philippine Economic Zone Authority)," he added.
Escalona noted the gainers are "sectors not based in Central Visayas."
He believes the rebound in export growth could have continued last month.
The export industry in Central Visayas, where Cebu is a major player, consists of various sectors namely electronics, industrial goods, furniture, seaweed, food, fashion accessories, gifts, toys and housewares, shellcraft, garments and medical tourism.
The Philippine has seen widening trade gaps since last year, rising its current account deficit and adding pressure on the peso, which has been languishing near 13-year lows against the US dollar.