THE potential India market for Philippine products like electronics and Halal goods is worth $566.92 million, the World Trade Center Metro Manila (WTCMM) said, citing projections from the Department of Trade and Industry (DTI).
WTCMM was citing estimates by Jhino B. Ilano, assistant director of the Export Marketing Bureau of the DTI, at the Markets of the World forum.
Other potential exports are personal care and beauty products, coconut products, dairy products and eggs.
Chairman of the Philippines-India Business Council (PIBC) Raju Mandhyan said that prospects for investment in India include beauty and wellness, tourism and travel, luxury goods, food and beverages, and aquatic products.
“(Potential) imports from India meanwhile include engineering goods like machinery, equipment and components, pharmaceuticals, and educational content,” he added.
He said that the Philippines could benefit from the extent of domestic demand in India, which dwarfs supply.
“Two-thirds of gross domestic product is reportedly accounted for by domestic demand, driven by a large market of 1.4 billion people — the largest in the world,” he said.
The DTI’s Mr. Ilano said exporters could also take advantage of the ASEAN-India Free Trade Agreement, through which the Philippines enjoys a 94% reduction in tariffs.
Philippine trade with India posted a compound annual growth rate of 4.2% between 2018 and 2022. Trade was $2.8 billion last year, consisting of $2.1 billion worth of exports and $701.4 million in imports.
India has a 1.31% share of Philippine trade. It is the Philippines’ 16th largest export market and 14th largest source of imports.
WTCMM Chair Pamela D. Pascual said further progress in the Philippine-India relationship can be pursued through trade, investment, and economic, scientific and technical cooperation.
“With the world’s exponential growth in digitalization and globalization, both countries have emerged as frontliners in the service sector, particularly in the business process outsourcing industry,” Ms. Pascual said. — Justine Irish D. Tabile