PH TO BRIDGE TRADE GAP WITH INDONESIA THROUGH AGRI, AUTO PARTS EXPORTS

BANGKOK – The Philippines (PH) is working to bridge its trade gap with Indonesia by exporting more agricultural products and automobile parts. At the sidelines of the 34th ASEAN Summit on 21-24 June, Department of Trade and Industry (DTI) Secretary Ramon Lopez discussed trade opportunities with his Indonesian counterpart, Minister of Trade Enggartiasto Lukita. The two ministers also agreed to organize a business matching session in Indonesia possibly around August or September 2019.

“President Rodrigo Duterte is pushing for the Philippines to narrow its trade imbalance with Indonesia. Thus we hope that openness from both countries will result in a mutually beneficial trade relationship between the two countries,” said Secretary Lopez.

In 2018, Indonesia was the PH's 9th major trading partner, with around US$7.27 billion in trade. However, PH imports from Indonesia stood at US$6.40 billion, while PH exports were only at US$866.20 million.

Indonesian company PT Mayora reported that it started importing desiccated coconuts from PH since April 2019. Indonesia is also more willing to import shallots, bananas, and alcoholic beverages from PH.

Read more: DTI