MANILA, Philippines - Cebu furniture exporters are advised to exploit other robust markets to reverse the 13-percent export decline to $6.5 million in March from the previous month’s $7.4 million.
In a report, Benjamin Chiu, market analyst of iSEARCH Philippine Exporters Confederation, Inc., said Japan, South Korea, Australia and Saudi Arabia are their best markets.
Exports to these markets have consistently been growing from January to March 2010, he noted, citing Saudi Arabia as the fastest growing market.
Data indicated that Cebu furniture exports to Saudi Arabia tripled in March to $170,000 from $38,000 in February.
Exports to this country averaged a whopping 182.6 percent, much higher compared to an overall 19-percent monthly growth during the first quarter of the year.
Nonetheless, the United States remained the largest market for Cebu furniture exports from January to March, cornering $12 million or 64 percent of total exports.
Other markets were Japan, the Netherlands, Ireland, Germany, South Korea, the United Kingdom, Italy, Australia and Saudi Arabia with shares of less than five percent of total exports for the same period.
Other furniture classified under HS code 9403 was the most saleable product commodity in the first quarter amounting to $14.9 million or 78 percent of total Cebu furniture exports, while the remainder was covered by HS code 9401 (seats).
Monthly export growth rates of HS codes 9401 and 9403 for the period January to March averaged at 6.2 percent and 27.3 percent, respectively, the same data showed.