What products will PHL promote in Russia?

What products will PHL promote in Russia?

- in Economy, News
File photo of Trade and Industry Secretary Ramon Lopez (with Defense Secretary Delfin Lorenzana at right)

MOSCOW, May 23, 2017 — Trade Secretary Ramon Lopez is set to promote the country’s manufactured and agricultural products for export to Russia, while eyeing to get investments in sectors of manufacturing, agribusiness, energy, infrastructure, information and technology business process management (IT-BPM), and tourism among others.

Lopez is part of the delegation of President Rodrigo Duterte in his visit to Russia this week.

Lopez will also sign Memoranda of Understanding on Trade and Investment Promotion and on Industry Development with his Russian counterpart.

Data from the Department of Trade and Industry (DTI) show that Philippine products for promotion to Russia include automotive parts and equipment; processed food, beverages, and marine products; information communication technology (ICT) products and services; and canned and processed fish products.

Agricultural products for promotion here are calamansi, coconut, mango, and banana.

Other Philippine products, which are listed under International Trade Center’s potential trade statistics, that will also be promoted in the Russian market include cosmetics and personal deodorants, shipbuilding, cigarettes, wood furniture, fish, garments, coconut oil, and activated carbon, and natural rubber.

According to DTI’s data, bilateral trade between the Philippines and Russia amounted to US$226.25 million in 2016, with trade favorable to the latter.

The country has trade deficit with Russia in the previous year reaching US$128.38 million.

Exports to Russia amounted to US$48.93 million last year, higher by 5.66 percent from 2015’s figure of US$46.31 million.

Top Philippine exports to Russia in 2016 were static converters, amounting to US$14.75 million; carageenan, seaweeds, and other algae, at US$5.01 million; fresh or dried desiccated coconuts, at US$3.91 million; pocket lighters, at US$2.44 million; and ignition wiring sets and other wiring sets of a kind used in vehicles, aircraft, or ships, at US$2.05 million.

On the other hand, imports from Russia last year amounted to US$177.31 million.

Merchandise goods imported from Russia in 2016 include petroleum oils and oils obtained from bituminous minerals, crude, valued at US$58.69 million; semi-finished products of iron and non-alloy steel, at US$49.51 million; light petroleum and preparations thereof; pulverized or non-pulverized coal, at US$19.91 million; and machinery for preparing of making up tobacco, at US$4.38 million.

Meanwhile, DTI’s priority sectors for investments include aerospace; agriculture; energy efficiency technologies and renewable energy; infrastructure and private-public partnership projects; IT-BPM; manufacturing, particularly sectors of aerospace, electronics, iron and steel, among others; oil and gas; processed and specialty food; retail; and tourism. (Kris M. Crismundo/PNA)

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