DAVAO CITY (MindaNews/11 February) — Davao Region’s total exports increased by 16% during the first three quarters of 2014 compared to that of the same period in 2013 owing to the rise in export values of different commodities, an official of National Economic and Development Authority (NEDA) said.
“The total value of exports for the first three quarters in 2014 was 16% higher than its 2013 level of $1.5 billion. The increase in exports is attributable to higher export values of the region’s main
commodities,” said NEDA XI regional director Maria Lourdes D. Lim.
As of the third quarter last year, she said the region’s total exports had reached $1.786 billion. She projected that it would grow to about $1.8 billion once the Philippine Statistics Authority (PSA) released the fourth quarter data.
“Total export value of banana, for instance, increased by 29.5%, from $691.3 million in 2013 to $895.2 million in 2014. The total export value of desiccated coconut also increased by 32.4%, from $77.7 million in 2013 to $102.9 million in 2014,” she said.
Throughout Mindanao, data from PSA XI showed that Davao Region ranked second in terms of having the highest export value with $653.3 million as of the second quarter last year. It was next to Caraga Region where exports value reached $682.3 million during the first six months last year.
Rosendo M. Aya-ay, statistical coordination officer IV of PSA XI, attributed the increase of the region’s total exports to good business climate situation and the region’s position as Mindanao’s economic hub.
“With stable inflation and no natural disasters, this will continue to increase this year,” he said.
As of last year, PSA XI reported that the region’s inflation rate was 3.7%.
While the region’s total exports experienced an upward trend, Lim said its total imports also ballooned as it reached to $1.168 billion as of the third quarter last year compared to the same period in 2013 when exports were valued at $767 million.
“This suggests a stronger and expanding consumer base in the region, coupled with imports for equipment and materials utilized by a quickly rebounding agriculture sector, as well as the improving manufacturing and construction industries,” she said. (MindaNews)