Filipino exporters should look more to new export markets such as the East Asia, Latin America, the Middle East instead of concentrating on traditional markets by using its neighboring countries as its export platform, a Malaysian trade official said.
Susila Devi, senior director of the Malaysia External Trade Development Corp. (MATRADE), said the Philippines export growth of 6 percent last year only showed it has more room for growth.
Devi spoke at a media briefing promoting Intrade Malaysia, the general international trade fair of Malaysia which would be running on its second year on November 13 to 16 this year.
"Philippine exports to the world increased by 6 percent in 2007 versus 2006 but most of these are with your traditional markets, US and Europe but not Southeast Asia, Central Asia, Latin America and Middle East," Devi said.
Bilateral trade between the Philippines and Malaysia has grown from $ 4.2 billion in 2005 to $ 4.8 billion in 2007. Malaysian investments in the Philippines have likewise increased from P855 million in 2006 to P7.56 billion in 2007.
In the first five months this year, Devi said that Philippine exports to Malaysia went up 26.9 percent higher than the same period in 2007.
Most of the country’s exports to Malaysia are jewelry, textile and clothing and furnitures.
According to Devi, the Intrade would be an opportunity for Filipinos to further their exports market.
This year’s Intrade is expected to host 500 exhibitors versus 300 last year from over 24 countries. At least 15,000 visitors are expected to attend the four-day event from last year’s 10,000 visitors.
MATRADE also expects that this year’s event to exceed the $ 1 billion sales generated from its first Intrade.
Among the top five buying nations were the United Arab Emirates, Kazakhstan, United Kingdom, Australia and Nigeria. There were over 800 foreign buyers from 58 countries during the event.
Last year’s Intrade was participated in by 1,354 Malaysian companies fr the one-on-one business matching sessions.
For this year, MATRADE is inviting CEOs in various manufacturing industries and services sectors.
As a general international trade fair, Intrade offers companies and manufacturers a platform to exhibit a wide range of products and services from agro-based, auto parts and accessories, building materials, rubber based products, chemical and chemical-based down to services.
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