Business and Economy
PH hits $1-B mark sales in China buying expo
RECORD-HIGH SALES. The Philippine pavilion at the 6th China International Import Expo in Shanghai, China in this undated photo. The Philippines recorded its highest sales in the CIIE with USD1.
1 billion this year. (Photo courtesy of CITEM via PNA)
MANILA – The Philippines has surpassed its target sales in this year’s China International Import Expo (CIIE) with sales amounting to USD1.1 billion, the Center for International Trade Expositions and Missions (CITEM) reported over the weekend.
The total sales in the 6th CIIE exceeded the Department of Trade and Industry’s (DTI) target of USD700 million.
It also marked a record-high sales for the Philippines in the China expo.
In 2022, sales of the Philippine pavilion at CIIE reached USD655 million.
Of this year’s total sales, USD900 million were purchase agreements while USD226 million were booked sales, sales under negotiation, retail sales, and business-matching activities, according to CITEM, the export promotions arm of the DTI.
“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,” DTI Undersecretary Ceferino Rodolfo said in a statement.
China annually holds the CIIE, hosting foreign enterprises that would like to sell to the world’s largest market.
CITEM said the best-selling products of the Philippines in the trade fair include top agricultural exports to China, such as bananas, pineapples, specialty coffee and durian.
Durian, the so-called king of fruits known for its pungent smell but is delicious and nutritious, gained access to the Chinese market this year.
“As you know very well, 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.
And every sector plays a crucial role in attaining this because export development entails a whole-of-nation approach,” Philippine Trade and Investments Center -Shanghai commercial counselor Glenn Peñaranda said.
