Business | Economy
UAE exports to Philippines surge to $159m in March
The UAE's trade with the Philippines has quadrupled in a month -from over $38 million in February to $175.9 million in March - a report by the Bureau of Export Trade Promotion shows.
- By Cleofe Maceda, Staff Reporter
- Published: 00:05 July 17, 2008
Dubai: The UAE's trade with the Philippines has quadrupled in a month -from over $38 million in February to $175.9 million in March - a report by the Bureau of Export Trade Promotion shows.
Philippines' imports from the UAE rocketed to $159 million in March from only $17 million in February, perhaps owing to the country's rising demand for oil and other related products. Exports, however, slackened a bit, from $20 million to $16 million.
Despite a slight slump in the exports volume, prospects of a more robust bilateral trade remain high, with Philippine exports to the UAE alone expected to get back on track and register a 30 per cent growth in the next few months, according to Gil Herico, the Philippines' agricultural attaché for the Middle East.
Herico used to represent the Philippine Trade and Investment Centre in the UAE. "It's difficult to predict the growth of imports from the UAE, as it will depend largely on the oil requirements of the country," he said.
In terms of exports, the UAE is the Philippines' number one trading partner in the Middle East, followed by Saudi Arabia, Bahrain, Qatar and Oman. Across the globe, however, the UAE is the Philippines's 21st trading partner.
In October 2007, the UAE ranked 17th among Philippines' trading partner, 22nd among export markets and 12th among import suppliers.
Philippines exports products like garments, food and sporting goods to the UAE.
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