The Department of Trade and Industry explores new markets for Philippine exports

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The DTI-EMB, together with Philippine Trade and Investment Center (PTIC)-Mexico, recently organized an OBMM to Mexico and is currently setting its sights on other missions including India, Bangladesh, Russia, Egypt, and Ethiopia.

The OBMM to Guadalajara, Mexico allowed Philippine exporters to participate in the trade fair participation in Expo ANTAD (Asociasion Nacional de Tiendas de Autoservicio y Departamentales or National Association of Supermarkets and Department Stores) and Alimentaria Mexico 2019.

Aside from the trade fair, other activities included the conduct of information sessions, market scanning, and store checks.

ANTAD Expo is Mexico’s largest food and beverage trade show in which ANTAD Associates represent 50.1% of retail national sales and currently composed of 106 partners with 32 supermarkets, 16 department stores, and 58 specialized stores.

Mexico has the biggest consumer potential among Latin American markets with food and beverage consumption set to rise by 15% in 2020.

On the other hand, DTI-EMB, together with PTIC-New Delhi, is currently organizing business missions to Mumbai, India and Dhaka, Bangladesh on August 28 to September 4 2019.

In 2018, India was the 15th trading partner of the Philippines (out of 221 countries) ,16th export market (out of 211 countries), and 14th import supplier (out of 198 countries).

The Philippines’ 2018 total bilateral trade with India was $2.28B with a wide deficit of around $1.2B and to aid this deficit, it is beneficial to boost exports in India’s growing market.

The exporters will participate in the business matching session in 14th Annapoorna ANUFOOD India 2019 to promote their products and services by linking them directly to possible business partners in India. This will also enable them to explore under the ASEAN-India Free Trade Agreement (AIFTA) in which the Philippines is a signatory. Through the AIFTA, India eliminated tariffs for 94% of Philippine exports.

Meanwhile, Bangladesh was the 56th trading partner of the country, 62nd export market, and 50th import supplier in 2018. The Philippines exported $20.3M to Bangladesh in 2018 and imported $38.9M from the South Asian trading partner.

According to the United Nations, Bangladesh will be the 3rd fastest growing economy in the world in terms of achieving high GDP in 2019 given its strong fixed investments, dynamic private consumption, and accommodative monetary policy.

Last year, Bangladesh’s gross domestic product (GDP) expanded by 7.3%, a rate faster than those of India and Pakistan.

Furthermore, the DTl-EMB, together with PTIC-Dubai, is organizing an OBMM to Ethiopia and Egypt on the last quarter of the year.

This mission aims to further improve trade relations between the Philippines and the two countries.

As the country explores more trade relations, the DTI-EMB will build on its past trade missions in South Africa, Mozambique, and will continue to explore key African markets.

Africa is the second largest continent with population of 1.2 billion and South Africa is the gateway to the southern African Development Community (SADC) market of 277 million people.
Source: https://balikbayan.asianjournal.com

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