Mindanao’s total trade hits $3.7B in 2007

The island’s export earnings grew by 23.23% at $2.593 billion from $2.104 billion the previous year.
Mindanao’s imports, however, increased by 27.87% from $901.549 million in 2006 to $1.153 billion last year.

Crude and refined coconut oil topped Mindanao’s exports in 2007 with a 21.67% share of Mindanao’s aggregate export revenue. It registered a value of $561.6 million in 2007, or 53.66% higher than the $365.48 million registered in 2006.
Fresh banana ranked second with 15.15% share and an aggregate receipt of $392.80 million or 2.28% lower than the $401.95 million in 2006.
Although the volume of fresh banana (in kilograms) increased by 441%, compared with 2006, this does not commensurate to the appreciation of peso which has lowered the value of the island’s exports earnings, the report explained.
Nickel ore ranked third with total export revenue of $351.84 million, reflecting 184.21% from US$123.80 million in 2006.
Other top earners for 2007 were tuna, $192.10 million; iron ore agglomerates, $171.82 million; preserved pineapple, US$117.23 million; lauryl, stearyl & cetyl alcohol, $97.67 million; flat-rolled products of iron or non-alloy steel, $66.20 million; fresh pineapple, $57.15 million and desiccated coconut, $41.20 million.
Japan, for two years in a row, remained the top export market for products coming from Mindanao. In 2007,  receipts from the Japanese market amounted to $627.47 million, accounting for 24.20$ of the island’s aggregate income for the year. It posted an increase of 33.53% from $469.903 million in 2006.
The United States and China, respectively, trailed Japan. Exports to the US in 2007 reached $558.64 million and $305 million in China.

The other top markets for 2007 are Netherlands ($235 million), Korea ($139 million), Iran ($79 million), Singapore ($60 million), Malaysia ($58 million), Vietnam ($47 million) and Italy ($41 million).
In terms of regional export performance, Region XI (Davao region) contributed the highest percentage share at 31.81% or $824.737 million; Region X (Northern Mindanao), 31.23% or $809.612 million; Region XII (Southwestern Mindanao), 17.57% or $455.592 million; Caraga, 13.50%; Region IX (Zamboanga peninsula), 5.88%; and the Autonomous Region in Muslim Mindanao, 0.0003%.
Among all the six regions in Mindanao, Caraga region registered highest in terms of growth rate in exports which is 171.22%  compared to the 2006 performance. Caraga’s exports in 2007 were valued at $350 million as compared to the $129 million registered in 2006. Nickel ore exports has 98% share of the total export earnings of the region. (MindaNews)