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InterAksyon.com
The online news portal of TV5
ZAMBOANGA CITY -- Mindanao's export industry, buoyed by the economic rebound of the United States and surge in the China market, pulled off a remarkable 27 percent growth in exports last year.
Mindanao's total exports in 2010 posted a double-digit growth of 27 percent valued at $ 2.8 billion from $ 2.2 billion a year earlier, according to data Friday from the Mindanao Development Authority (MinDA).
MinDA said in a statement that last year's export performance was propelled by increases in the export of coconut products, nickel and organic chemicals.
It said that coconut oil, both crude and refined topped last year's Mindanao export commodities with a total value of $ 794.6 million, up by 81.23 percent from $ 438.5 million in 2009.
It surpassed banana, the traditional export winner of Mindanao, at 28.61 percent share in the total export growth in 2010.
MinDA said that the exports of Mindanao's organic chemicals and nickel ores also significantly increased at 90.06 percent and 60.08 percent, respectively.
Organic chemical includes stearyl alcohol, cetyl alcohol, and lauryl alcohol.
Year-on-year data however showed a little decline in food-based exports like fresh banana, tuna and pineapple.
Last year's banana exports registered a total of $ 317.3 million, down by 6.99 percent from $ 341.1 million in 2009.
Tuna and pineapple exports dropped by 9.87 percent and 8.72 percent, respectively.
MinDA said that the other top export products of Mindanao last year were organic surface-active agents, fruit and vegetable juices and iron ore conglomerates.
The largest bulk of Mindanao's exports went to the United States, which has remained the island's biggest export market.
In 2010, the U.S. received a total of $ 691.3 million worth of exports from Mindanao, cornering 24.89 percent of Mindanao's total export income for the year.
Japan followed the U.S. at 18.02 percent market share but exports in China almost doubled at 89 percent growth.
Mindanao's main exports to China are nickel ores, copper ores, coconut oil, banana and acyclic alcohol.
Other promising export destinations for Mindanao are Netherlands, Germany, and South Korea.
Meanwhile, rice remains to be Mindanao's top import commodity which accounts for US$ 3,464 million or 19.46 percent of the total value of imports last year.
Mindanao rice imports were mostly coming from Vietnam and Thailand.
Other top import goods include wheat and meslin, uncoated kraft paper and paperboard, petroleum oil products and milk and cream concentrates.
“It is encouraging to note that despite the global economic challenges, Mindanao trade has remained bullish. The growth that we have achieved is needed to spur business and generate jobs for Mindanawons,” MinDA Chairperson Luwalhati Antonino said.
Antonino said that while the recent tragedy in Japan might have an impact on Mindanao's trade market this year, especially on the iron products, overall prospects for Mindanao trade remains positive this year as the full effects of the disaster is expected to bottom out in the next several months.
