While export prospects in many developed countries tend to sway from bleak to bleaker, those in emerging country markets are shining brighter than ever.
This is particularly true in four of the world’s largest emerging markets Brazil, Russia, India and China – as well as the ASEAN markets, especially Indonesia and Vietnam.
Based on the Philppine International Trade Center data, world imports expanded by 17 percent while imports of Brazil, Russia, India and China grew by 73 percent, 63 percent, 17 percent and 52 percent, respectively during period 2005-2009.
Meanwhile, ASEAN countries such as Vietnam (91%) and Indonesia (68%) also registered significant growth rates during the said period.
Much of the expansion in imports of these emerging market economies can be traced to products of export interest to the Philippines such as furniture, pearls, edible fruits, apparels and fish and crustaceans.
Articles of apparel and knitted fabric enjoy gargantuan demand in these markets. Brazil’s, Indonesia’s and Russia’s imports of articles of apparel more than tripled while those of Vietnam increased eleven-fold.
The demand of these emerging markets for knitted fabric was even higher. Imports of knitted fabric by Brazil and Indonesia registered an eight-fold and a ten-fold expansion, respectively.
In 2009, Brazil’s and Indonesia’s imports of crocheted fabric were valued at $338 million and $628 million, respectively.
Imported edible fruits are also in great demand in these markets. Vietnam’s imports of said product nearly tripled while it is expanding substantially in China, Brazil, Russia and Indonesia.
Russia and Indonesia are increasingly becoming important markets for pearls and precious stones with their imports of the same more than quadrupled. Demand prospects for imported pearls in China and Brazil appear to be also sanguine, with their imports growing by over 50 percent.
Adding to the array of products that are hugely demanded in emerging markets are furniture, fish and crustaceans. Furniture imports of China, Brazil, Russia and Indonesia rose by over 100 percent, while those of Vietnam more than tripled.
Meanwhile, Indonesia’s imports of fish and crustaceans quadrupled while those of Vietnam and Brazil grew by over 100 percent.