MANILA, Philippines - The Trade Office of the Malaysian Embassy in Manila (Matrade Manila) sees strong growth of Malaysian businesses in the Philippines, on the back of the country’s growing economy.
Manila Trade Commissioner Har Man Ahmad said prospects of increased trade between the Philippine and Malaysia are promising due to the growth in trade activities within the ASEAN region.
“We affirm our commitment to introduce a diverse selection of quality Malaysian products and services to the Philippines through participation in trade promotions activities and collective development of business partnerships with the support of well established and respected members of business associations in the country,†he said.
“Significantly, with the regional connectivity in the ASEAN Integration by 2015, Matrade Manila leverages on the strong bilateral trade relations between the Philippines and Malaysia,†he added.
Matrade Manila seeks to complement the product needs and demands in the Philippine market with the introduction of reliable Malaysian companies and increase the promotion of Malaysian products to the country.
“We saw a significant growth rate of 44 percent during the period January to August 2013 which was valued at $972.85 million. We are expecting the strong double digit growth will continue this 2014, as we revolutionize the Malaysian small and medium enterprises (SMEs) not only in Malaysia, but also overseas which include the Philippines,†he said.
Topping the list of Philippine exports to Malaysia are electronic products and components, followed by petroleum products, coconut oil, metal components, tobacco, processed tropical fruits, clothing, apparels and clothing accessories, woodcrafts, furniture and tuna, as of end – August 2013.
In 2012, Malaysian exports to the Philippines was valued at $2.49 billion, which composed of top commodities such as electrical and electronic products, mineral fuels, lubricants and related materials, palm oil, vegetable oils & fats, processed food, industrial machinery and equipment, industrial chemicals, fertilizers and other manufactured goods.
“Malaysia was Philippines’ 11th largest trading partner with a total trade value of $3.5 billion.
Malaysia also became the 10th largest import source for the Philippines with a worth of $2.482 billion in 2012,†he explained.
During the same period, Malaysia served as the 11th largest export destination for Philippine products with a noteworthy value of $1.018 billion.
Meanwhile, Malaysia’s total exports to ASEAN rose by 4.9 percent to $58.46 billion, accounting for 28 percent of Malaysia’s total exports for the period January to October 2013.