MANILA, Philippines - The Philippines should to seize the vast trade opportunities offered in the German market to reinvigorate its declining merchandise exports, the Philippine Exporters Confederation Inc. (Philexport) said.
It said the German-Philippine Chamber of Commerce and Industry Inc. (GPCCI) is encouraging local businesses to tap huge opportunities for export in Germany.
Peter Kompalla, GPCCI executive director, said potential products for exports from the Philippines include automotive, chemicals, consumer goods, information and communications technology, machinery and equipment, medical technology, metal and metal processing, renewable energy and services.
To successfully penetrate the German market, Kompalla said local firms should implement innovative approaches such as offering organic and fair trade products and food for the health conscious, exotic or unique designs and flavors, and gourmet products and luxury items.
He said local companies also need to look for the right German partners for distribution and marketing as well as ensure products comply with import regulations and required norms and standards.
Import regulations and required standards include labeling and packaging, product safety, dangerous substances, environmental labels and labeling organic products, Kompalla said.
The country’s exports from January to November last year went down 5.8 percent to $54 billion from the previous year’s $57.3 billion.
To reverse the downtrend and achieve export revenue target of $102 billion this year, Philexport said local exporters are looking to penetrate new overseas markets amid lingering weakness in the global economy.
Philexport said exporters are looking at markets to replace the problematic and traditional markets like Europe and China which are not doing very well at present.
Data from the Philippine Statistics Authority showed Philippine exports to Germany accounted for about 4.3 percent of the country’s total exports in 2014.