Here’s what Philippines is cooking up to exceed 2012's 6.97% export growth

It eyes US$120b exports by 2016.

In a release, the Department of Trade and Industry (DTI) has identified programs and projects to contribute in the country’s export growth target for this year.

“To exceed last year’s export growth and to contribute in attaining the country’s goal of US$120 billion exports by 2016, we will continually employ helpful market and product strategies in our programs and projects to promote exports in 2013,” Bureau of Export Trade Promotion (BETP) Director Senen M. Perlada said.

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From January to November 2012, Philippine merchandise exports grew by 6.97 percent from US$44.90 billion in 2011 to US$48.02 billion in 2012. China, including Hongkong, was the top destination of Philippine exports accounting for 21.11 percent of total export receipts. Japan was the second biggest buyer of Philippine products with 19.09 percent share.

From its initiated export trade promotions last year, namely 14 outbound business matching (OBM) activities and overseas trade fairs, three inbound business matching (IBM), 12 foreign buyers serviced, and other export promotion activities, the DTI, specifically BETP and the Foreign Trade Service Corps (FTSC), recorded US$120.41 million export earnings.

These OBM activities and trade fairs were in Japan, Malaysia, Taiwan, Singapore, United Arab Emirates (UAE), Italy, Belgium, Cambodia, Lao PDR, Myanmar, Viet Nam, Korea, Macau, Hong Kong, Turkey, and Korea while the foreign buyers serviced and IBM activities were from Israel, United Kingdom (UK), Turkey, United States of America (USA), Korea, Vietnam, Russia, Nigeria, Italy, Marshall Islands, Taiwan, and Myanmar.

“For this year, we have planned eight IBM activities and eight OBM activities,” Perlada said.

The target countries for these DTI team-driven OBMs and IBMs will be Japan, Taiwan, South Korea, Kuwait, Israel, Iran, Jordan, KSA, South Africa, Brazil, Argentina, Chile, Russia, Turkey, Germany, Italy, Netherlands and UK.

“In addition to these activities, we will also be expecting trade inquiries for business matching relayed to us from DTI’s commercial posts abroad, the Philippine embassies, and potential importers,” Perlada said.

“In the local front, we will continually develop new exporters and expand the country’s supply base of globally-competitive products and services in order to increase Philippine exports,” Perlada added.