The Philippines and New Zealand are considering increasing their trade in the coming years by 50 percent as leaders of both nations noted the potential in expanding their economic partnership.
President Marcos and New Zealand Christopher Luxon said they were determined to increase the economic growth of their countries when they met Thursday, April 19.
“And it’s great to see bilateral trade between New Zealand and the Philippines able to recover to pre-pandemic level and continue to increase,” Luxon said.
This came as both nations agreed to expand their ties into comprehensive partnership by 2026.
Luxon also noted the increasing interest of New Zealand businesses in the Philippine local information and technology sector, manufacturing, renewable energy, and food processing.
In 2023, New Zealand ranked as the Philippines’ 28th trading partner, with total trade amounting to 495.37 million US Dollars. New Zealand is also the Philippines’ 38th export destination and 24th import source.
The Philippines has a 361.94 million US Dollars trade deficit with New Zealand, according to the Presidential Communications Office. In 2021, New Zealand was ranked the 34th source of approved investments in the manufacturing and wholesale and retail trade industry.
From 2018 to 2022, approved investments from New Zealand amounted to 3.49 million US Dollars in key sectors, such as manufacturing, administrative and support services activities, wholesale and retail trade, and repair of motor vehicles and motorcycles.
Travel and tourism are also major drivers for trade growth, he said, as more people travel between the two countries to visit family and friends and to spend holidays in the Philippines.
“We want to do more to grow both of our countries’ tourism industries,” he said.
In 2023, the country recorded a total of 29,272 tourist arrivals from New Zealand, up from just 17,503 in 2022, making the foreign nation the 22nd source of visitors to the Philippines.
Pending the results of the 2023 New Zealand Census on 29 May 2024, there are an estimated 100,000 Filipinos in New Zealand.