PHILIPPINES: Drop In Garment Exports

MANILA: According to the Garments and Textile Export Board (GTEB) the garment export of the country dropped last year.

The government data showed a 3.65% drop in sales last year.

The Garments and Textile Export Board (GTEB), the state run agency that helps garment firms, said export revenues for January to December 2003 amounted to $2.73 billion, down from the $2.83 billion registered in 2002.

Export to quota countries such as the United States, Europe and Canada dropped by 3.81% to $2.41 billion this year from $2.51 billion previously.

Shipments to nonquota countries also went down by 2.39% to $323.36 million from $331.26 million in 2002.

Revenues from quota countries account for 88.17% of total exports this year.

GTEB executive director Serafin Juliano attributed the drop to the removal of quotas, saying the arrangement, set to take effect by January 2005, has led to uncertainty in the industry.

Mr. Juliano said a drop in shipments to the United States, the country's top market, continued. Exports to US, which represented 72.45% of total revenues, declined by 5.39% to $1.98 billion in 2003 from $2.096 billion.

Europe, the second largest market, made up for some of the slack, with shipments increasing by 6.34% to $359.32 million from $337.9 million.

Japan, the top export destination for nonquota countries, accounted for $90.23 million last year, a drop of 6.93% from 2002's $96.94 million.

Apparel exports, consisting of jeans, shirts and pants, among others, continues to be the main driver, with $2.73 billion in total exports or a decline of 3.65% from last year's $2.84 billion.

Textiles, meanwhile, posted a 15.5% increase in export revenues to $146.4 million from $128.19 million in 2002.

Source: Agencies

February 05, 2004

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Added: February 5, 2004
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