Philippines exports to UAE surge 60%

DUBAI - The UAE became top export market of the Philippines in the Middle East as the bilateral trade surged 60 per cent in 2010, a top diplomat said.

By Abdul Basit

Published: Wed 15 Jun 2011, 11:23 PM

Last updated: Tue 7 Apr 2015, 11:02 AM

Total trade between the Philippines and the UAE continued to grow, rising to $1.61 billion in 2010, compared to $1 billion in previous year.

“With global trade anticipated to grow further in the coming years, we expect that trade between the Philippines and the UAE will also expand proportionately,” Philippine Consul General Benito Valeriano said.

Addressing a diplomatic reception held recently to celebrate the country’s independence from Spain, he said trade relations between the two countries continue to be fortified in coming months.

Imports of crude petroleum oil and other petroleum products formed majority of Philippine imports, he said.

Exports to the UAE rose by four per cent to $229 million from $221 million in 2009 while imports went up by more than 75 per cent to $1.38 billion from $785 million.

Last year, 117 Philippine exporters/ manufacturers were assisted by the Philippine Trade and Investment Center in Dubai for business matching activities.

Some UAE companies were also involved in trade missions to the Philippine International Furniture Show, Cebu International Furniture and Furnishings Exhibition and Manila Fame International Exhibition in 2010, he added. Considering Dubai as a trade hub, during the period 2004-2010, the Philippines exported to the GCC countries including Iran and Iraq fresh Cavendish bananas and golden pineapples amounting to $67 million and imported urea and animal and vegetables fats worth $116 million, resulting in an agricultural trade balance of $557 million, in favour of the Philippines.

Initial trade figures show that in the first quarter of 2011, the Philippines exported 16 million boxes of fresh Cavendish bananas worth $160 million and one million boxes of golden sweet pineapples worth $10 million to the UAE.

“Other areas of cooperation between the Philippines and UAE that may be strengthened further include agriculture farming such as expansion of banana and pineapple plantation, cultivation of organic fresh fruits and vegetables,” Valeriano said.

More news from Local Business