Garment exports down 3.16% in 8 months

The Garments and Textiles Export Board reported that garment and textile exports have fallen 3.16 percent with total GTEB-issued garments export clearances or TECs valued at P1.859 billion from January to Aug. 7 this year, down from P1.919 billion for the same period last year.

Quota countries — specifically the United States, the European Union and Canada — accounted for 89.4 percent of Philippine garments and exports.

The US market took in 74 percent of the orders valued at P1.421 billion, while the European Union accounted for 10.34 percent valued at P192.219 million, and Canada taking in 2.34 percent valued at P42.528 million.

Non-quota countries bought 10.86 percent of Philippine exports of textiles and apparel valued at P201.932 million.

Exports to quota countries dropped by 2.5 percent with the US showing a decline of 0.74 percent.

The biggest drop in export orders came from the EU with a decline of almost 16 percent.

However, a further breakdown of export orders from EU member countries actually showed that some countries increased their orders. Finland, for example, increased its orders by 73.89 percent. However, it only accounts for a mere 0.34 percent of total export orders.

Another EU member country that posted an increase in orders was Sweden with an increase of 33.7 percent but Sweden only accounts for a mere 0.53 percent of total export orders. Portugal also upped its orders by 8.44 percent.

The only bright spot came from Canada which managed to post an export increase of almost 12 percent with total orders valued at P43.528 million.

Even the non-quota countries posted a decline in export orders of almost nine percent.