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Philippines Textiles and Clothing Report Q4 2009Published by: Business Monitor International Published: Sep. 2, 2009 - 47 Pages Table of Contents
AbstractBMI ranks the Philippines in 43rd position worldwide in terms of textiles and clothing (T&C)manufacturing value added, positioning it as a small to medium sized international producer. In currentUS dollar terms, we estimate industry value added was US$2.51bn in 2008, representing about 1.6% ofGDP. While able to hold its own in terms of competitive labour costs, we believe the next two years willbe hard for the Philippine industry because it lacks the new investment and technological sophistication tocompete against the more efficient of its Asian neighbours. BMI’s forecast is therefore that the countrywill lose some export market share between now and 2010.We estimate that Philippine T&C manufacturing value added, which expanded by an estimated 7.2% in2007, slowed to -2.6% in 2008 and will have its worst year in 2009, with contraction of 10.1%. Thereafterit will begin a recovery with predicted growth of 1.1% in 2010. In the five years through to 2008, BMIestimates that average annual growth of manufacturing value added was 2.6%, lagging behind GDP at5.7%. In the next five years, we see average value added contracting by 0.6% per annum despite annualGDP expansion of 3.9%. The severity of the current recession will be responsible for pulling the numberdown. BMI expects T&C exports to contract by 15.0% in 2009 to US$1.79bn, with imports contractingby 6.3% to US$1.20bn. Exports, which contracted by an annual average of 3.0% in the five years throughto 2008, should regain pace to grow by an average of 3.9% in the five years through to 2013. Get Full Details About This Report >> |
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