PH Wants to Double Exports to China

According to the Department of Trade and Industry (DTI), the Philippines currently has a huge trade deficit with China but still has the potential to grow its exports by $14.1 billion in the forthcoming years. As of now, exports to China are at $11.55 billion.

This potential to increase exports comes from efforts to improve bilateral trade with China and entice Chinese manufacturers, particularly in renewable energy, agriculture, electric vehicles, green metals, and steel.

DTI Secretary Alfredo E. Pascual cites trade and investment opportunities to come out of the visit of president Marcos to China this January 3 – 5, 2023.

For 2021, China took the spot as the top trade partner of the Philippines with a total trade value of $38.35 billion. China is also the second largest export market of the Philippines at $11.55 billion and a leading source of imports at $26.8 billion.

“With current trade figures, we also hope to achieve a more balanced level of trade through, among others, further market access to agricultural commodities,” mentioned Secretary Pascual.

Secretary Pascual also mentioned that the President’s state visit to China is a “recognition that it is an important trading and investment partner of our country. The visit will pave the way for further strengthening our trade and investment relations, particularly as we work to recover from the pandemic and position the Philippines as a regional hub for sustainable and innovative manufacturing and services industries.”

President Marcos will be accompanied by a business delegation including business executives from Philippine companies.

Source: Manila Bulletin