The Philippines has the potential to increase its exports to Japan by $49 billion, according to the Department of Trade and Industry (DTI) citing a study by the International Trade Centre (ITC).
The DTI said the study further stated that the most important market region with opportunities for Philippine export growth is East Asia where Japan is located.
The amount is the unrealized exports potential of the Philippines to Japan based on ITC’s relied on data for the period 2015-2019 and used GDP growth projections to estimate the potential export value that a country can achieve for a given product and export market in the year 2025.
The DTI said ITC developed the export potential assessments to help countries identify exporters, markets, and products that could be prioritized in trade promotion activities.
The DTI did not provide other details but based on data from the Philippine Statistics Authority, the Philippines exported $11 billion worth of goods in 2022.
In 2022, the bilateral trade between the Philippines and Japan was valued at $23.48 billion. Based on Philippine Statistics Authority data, Japan ranked as the Philippines’ second trading partner and second export market and third import supplier.
Meanwhile, the DTI said the business matching events conducted in Tokyo, Japan in February generated $620.72 million and $22.67 million in trade and investment leads, respectively.
This is based on the submitted reports of the private sector participants, the DTI said.
Companies from manufacturing, construction and infrastructure, real estate, communication and information technology, energy, and other fields participated in the event.
About 600 business meetings were set up, and 118 companies from the Philippines and 597 companies from Japan signed up for the event.
“There is evidently a growing momentum in the Philippines and Japan trade and investment relations. During the business matching event, which to date is the largest in the history of presidential trips overseas, both government and the private sector acknowledged that there are rising opportunities for economic engagement in areas that are critical to national priorities. In order to pursue our strategy of investment led export growth, we need to actively seek out platforms that promote exchange between our expanding networks,” said Dita Angara-Mathay, Tokyo commercial counsellor, Philippine Trade and Investment Center (PTIC).
Apart from the business matching activity, PTIC-Tokyo organized a site visit to Japan’s manufacturer of the world’s smallest compact satellite in orbit. The Philippine delegation also participated in the signing and exchange of business agreements whose total project value amounted to $13 billion and the largest business forum that attracted close to 800 attendees and two major networking activities. Irma Isip
