The Department of Trade and Industry (DTI) said the Philippines could tap into the unrealized export potential in India estimated at $566.92 million.
Jhino Ilano, assistant director of the Export Marketing Bureau of the DTI, said at the Markets of the World forum hosted by the World Trade Center Metro Manila last September 13
Identified these exports could come from electronics, Halal-based products, personal care and beauty products, coconut products, and other organic products such as dairy products and eggs.
Ilano said Filipino exporters can also take advantage of the Asean-India Free Trade Agreement ) where the Philippines enjoys reduced tariffs for 94 percent of exports to India.
Ilano said total trade with India has been growing by 4.2 percent compounded annual growth rate from 2018 to 2022, reaching $2.8 billion in 2022. Total exports were at $2.1 billion while imports totaled $701.4 million.
India ranks as the country’s 15th largest trading partner with a 1.31 percent share of total trade with the Philippines. It is 16th among the country’s export markets with a 0.89 percent share of total exports, and 14th among import suppliers with a 1.53 percent share of total imports.
