Philippines Exceeds Expectations at CIIE, Achieves Record $1.1 Billion in Sales
In a resounding success for the Philippines, the Center for International Trade Expositions and Missions (CITEM) has reported that the country surpassed its sales target at this year’s China International Import Expo (CIIE), reaching an impressive $1.1 billion. This achievement exceeded the Department of Trade and Industry’s (DTI) initial goal of $700 million. Furthermore, it also marked a historic high in sales for the Philippines within the CIIE.
The 6th CIIE proved to be a pivotal event for the Philippines. This success reflects the effectiveness of the Philippines’ participation in the renowned Chinese expo. Moreover, it underscores the country’s growing economic influence on the global stage.
Comparatively, the 2022 edition of CIIE saw the Philippine pavilion achieve $655 million in sales. Thus, making this year’s $1.1 billion milestone a significant leap forward. Of this total, a staggering $900 million was attributed to purchase agreements, with an additional $226 million stemming from booked sales, negotiations, retail transactions, and various business-matching activities, as detailed by CITEM, the export promotions arm of the DTI.
DTI Undersecretary Ceferino Rodolfo emphasized the CIIE’s vital role, showcasing top food products and attracting Chinese investors, fostering growth and opportunities. He highlighted its significance in a press release. He stated, “The CIIE has become a crucial platform for the Philippines to presenting premier food products and luring potential Chinese investors. It paves the way for economic growth through new business opportunities.”
CITEM emphasized the standout performance of Philippine products. Bananas, pineapples, specialty coffee, and the newly introduced durian emerging as best-sellers at the trade fair. Notably, durian, often referred to as the “king of fruits” due to its distinctive aroma and delicious flavor, successfully gained entry into the Chinese market this year. This contributed to the overall success of the Philippine delegation.
CIIE is a gateway for foreign enterprises
China’s annual hosting of the CIIE serves as a gateway for foreign enterprises seeking access to the world’s largest market. The event facilitates international trade and fosters collaborations between businesses from different corners of the globe.
Speaking on the broader strategy, Philippine Trade and Investments Center – Shanghai commercial counselor Glenn Peñaranda highlighted the government’s commitment to exploring opportunities for partnerships with Chinese enterprises. He emphasized that a comprehensive, whole-of-nation approach is essential for export development. Moreover, it underscores the critical role that every sector plays in achieving this goal.
In summary, the Philippines’ outstanding performance at the CIIE reflects not only economic resilience. It also the country’s strategic approach to international trade and collaboration. The record-breaking $1.1 billion in sales signifies a positive trajectory for the Philippines in the global market. This figure reinforces its position as a key player in the evolving landscape of international commerce.
