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Cebu furniture exports classified under HS codes 9401 (seats) and 9403 (other furniture) in the first quarter of 2010 were valued at USD 19 million. Export value in March was USD 6.5 million, down by 13% from USD 7.4 million in February but 32% higher compared with USD 4.9 million in January.  However, export growth rate from January to March 2010 has been averaging at 19% monthly.  See table below.

Cebu furniture markets
The United States remains to be the largest market for Cebu furniture exports in the first quarter of 2010 covering USD 12 million or 64% of total exports. Other markets also include Japan, the Netherlands, Ireland, Germany, South Korea, the United Kingdom, Italy, Australia and Saudi Arabia with shares of less than 5% each of total exports for the same period.

Robust markets
The countries of 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. The fastest growing market is Saudi Arabia. Cebu furniture exports to Saudi Arabia tripled in March in the amount of USD 170 thousand from USD 38 thousand in February.

Saleable commodity
HS code 9403 (other furniture) is the most saleable product commodity in the first quarter of 2010 amounting to USD 14.9 million or 78% of the total Cebu furniture exports while the remainder is covered by HS code 9401 (seats) as shown in table below. Although representing only 12% of total exports, HS code 9401 grew by 24% in March while HS code 9403 reported a minus 20% growth for the same period.   However, monthly export growth rates of HS codes 9401 and 9403 for the period January to March averaged at 6.2% and 27.3%, respectively.

Reference:
National Economic Development Authority Region VII