The European Union (EU) hopes to increase trade with the Philippines to near pre-pandemic levels this year following a 17-percent drop last year.
“In spite of a 17-percent decline in 2020 due to the COVID (new corona virus disease 2019) crisis, figures for 2021 look encouraging and we do hope to be close to the 2019 figures by this yearend,” said Maurizio Cellini, EU delegation head for trade and commerce in his speech at the 10th anniversary of the Italian Chamber of Commerce in the Philippines Inc. last week.
Total trade in goods between EU and the Philippines reached more than 15 billion euros in 2019.
Cellini said Italian-Philippine trade recorded a similar trend, with a total trade in goods of 1.1 billion euros in 2019 and 937 million euros in 2020. While Italian exports to the Philippines concentrate mainly on machineries and other mechanical products. Filipino exports to Italy are mostly agricultural and fishery products as well as clothing and apparel.
Philippine exports to the EU and Italy benefit from the GSP Plus program where some products enjoy tariff-free entry.
