The Philippine delegation of 16 food and beverage businesses yielded an overall sales of $1.1 billion from its participation in the world’s biggest import expo - China International Import Expo (CIIE) - surpassing last year’s record sales of $655 million, the Department of Trade and Industry (DTI) reported on Saturday, Nov. 25.
During the 6th CIIE held Nov. 5 to Nov. 10, FOODPhilippines was able to earn its highest record sales following its participation in the Chinese expo since its maiden edition in 2018.
The recorded overall sales include nearly $900 million worth of purchase agreements, made prior to the opening of the expo; and over $226 million worth of booked sales, negotiation sales, retail sales, and business matching activities after the 6-day trade exhibition.
Business matching activities led by the DTI-Export Marketing Bureau (EMB), in partnership with the Bank of China (BOC), contributed a total of $3.4 million.
Meanwhile, the top food products in terms of dollar value of export leads were durian, bananas, specialty coffee, and pineapples.
The Philippine delegation was led by the Center for International Trade Expositions and Missions (CITEM) and in close collaboration with DTI-EMB; Philippine Trade and Investment Center - Shanghai (PTIC-Shanghai); Philippine Department of Agriculture - Office of the Agriculture Counselor in Beijing (DA-OAC Beijing); Philippine Exporters Confederation Inc. (PhilExport); and the Federation of Filipino Chinese Chambers of Commerce & Industry Inc. (FFCCCII).
DTI said that this success leads to significant employment opportunities for Filipino families and more inclusive economic growth for a larger population.
According to a Philippine Statistics Authority (PSA) report, the Philippine economy experienced significant growth in 2022, with export-related activities driving a significant portion of the gross domestic product (GDP), reaching a total of $78.8 billion in revenue from $74.7 billion in 2021.
Further, DTI Undersecretary Ceferino Rodolfo stressed the importance of the country’s consistent participation in the CIIE, saying that the Philippine government is targeting “to expand its bilateral trade and investment relations with China and the rest of the world.”
“The CIIE has become an important platform for the country to showcase its best-selling food products and attract potential investors in China, creating new business opportunities and boosting the economy,” he explained.
Chinese buyers from major traders and food organizations have, likewise, “displayed a strong interest in agricultural produce and various food products offered in the Philippine Pavilion,” according to Rodolfo.
For his part, PTIC-Shanghai Commercial Counselor Glenn Peñaranda reiterated that “the Philippine government is keen on exploring opportunities for partnerships with Chinese enterprises to increase its export capacities to China by enhancing the entire value chain.”
He added that “every sector plays a crucial role in attaining this because export development entails a whole-of-nation approach.”