CEBU CITY – After experiencing industry setback for two years following the global financial crisis, Cebu’s furniture industry is now showing signs of bullishness after the National Economic and Development Authority in Central Visayas (NEDA 7) reported a total export value of US$19 million in the first quarter of this year.
 
Although the NEDA report did not include comparative performance of the sector in the same period of last year, the industry, however, was able to average a monthly growth of 19 percent from January to March of this year.
 
The export value in March recorded US$6.5 million, down by 13 percent from US$7.4 million in February but 32 percent higher compared with the US$4.9 million in January of this year.
 
A copy of the report furnished to the media showed that the United States continues to remain the largest market for Cebu furniture exports, which accounts for 64 percent of the entire furniture export from the Philippines, covering US$12 million.
 
Other top markets include the United Kingdon, Italy, Germany, the Netherlands, Japan, South Korea, Australia, and Saudi Arabia, with each country contributing five percent of the total exports in the same period this year.
 
“Countries like Japan, South Korea, Australia, and Saudi Arabia are the best markets for Cebu furniture industries since exports to these markets have consistently been growing from January to March 2010,” NEDA 7 said.
 
The data significantly pointed out to Saudi Arabia as the fastest growing market, where export figures to this country indicated growth amounting to US$170,000 from only US$38,000 in February this year.
 
As this developed, a report from the Bureau of Customs-Cebu (BOC), however, indicated a slight decline in the volume of container vans shipped out of Cebu in the first three months of this year.
 
In the first quarter of 2009, the industry shipped out a total of 2,754 container vans out of the Port of Cebu to different destinations worldwide. From January to March this year, BOC-Cebu recorded a total of 2,728 container vans.
 
Earlier, Philexport-Cebu executive director Fred Escalona explained that the decrease in the volume of container vans shipment was due to the change in the buying attitude of foreign buyers. “They no longer want to keep so much inventories of the product. They order in small amounts and want these shipped immediately,” he explained.
 
Likewise, Cebu Furniture Industries Foundation Inc. (CFIF) president Angela Paulin said industry players in Cebu are now venturing into intra-Asian trade, including China and India as potential markets.