PH delegation to engage in business-matching activities with EU
The Philippine delegation, which includes at least 19 companies, is set to participate in business-matching activities in Anuga, the word’s biggest food fair in Cologne, Germany.
This, as the Center for International Trade and Expositions and Missions (CITEM), the export promotion arm of the Department of Trade and Industry (DTI), had set a $62 million worth of export sales target from the country’s participation in the fair.
The EU is currently ranked as the Philippines’ 4th largest trading partner, 3rd largest import source, and 4th largest export market.
In 2016, the Philippines’ external trade in goods with the EU states totaled to $13.713 billion or 9.7 percent share of the country’s total trade, based on data of Philippine Statistics Authority (PSA).
Exports to the EU reached $6.970 billion or 12.1 percent of the total export receipts, while imports were valued at $6.743 billion or 8 percent share to total import, resulting to a balance of trade in goods (BOT-G) surplus of $227.74 million.
Among the EU-member countries, Germany is the Philippines’ top trading partner with a total trade of $4.357 billion or 31.8 percent of EU’s total trade. Revenue from export to Germany amounted to $2.329 billion while payments for imports were worth $2.028 billion or a trade surplus of $301.32 million
Within the EU, ninety percent of EU-Philippine trade is concentrated among eight EU member-states—Germany, France, the Netherlands, the United Kingdom, Italy, Spain, Belgium, and Denmark.
As of now, the Philippines is enjoying a special trade arrangement and incentives with European countries as one of the 30 countries listed under EU’s Generalized Scheme of Preferences (GSP).
Under the EU GSP, developing countries can export goods with reduced tariffs entering the EU to stimulate economic growth and job creation in their economies. The Philippines avail itself of the zero preferential duties on 6,274 products going to EU states.