DTI sees food exports exceeding $1-B by 2004

The government expects food exports to generate $1.07 billion by 2004, the Department of Trade and Industry (DTI) announced yesterday.

During the DTI’s recently concluded Foreign Trade Service Corps (FTSC) planning conference, the food export sector was identified as one of the country’s major drivers of economic growth.

The other key sectors include construction materials, giftware and holiday decors, home furnishings, IT-enable services, marine products, motor vehicle parts and components, microelectronics, organic and natural products, and wearables.

Industry observers said local food products are gaining more acceptance in the international market, prompting the government to intensively promote the food sector this year.

During the FTSC-DTI planning conference which Trade and Industry Secretary Manuel Roxas II attended, he observed that market acceptance for local products is gaining headway.

Roxas cited the 14-percent growth in the processed food sector.

According to DTI, the country’s major market for food products is China and to some extent South Korea.

"We have to take advantage of growing market acceptance of imported brand goods by Chinese consumers. Korea it was noted also contributed to the increase in Philippine food exports," Roxas said.