Chua cites potential of exports to China
The Philippines is a strong contender among a hundred countries in penetrating the Chinese market, said Philippine Chamber of Commerce and Industry chairman emeritus Francis Chua.
“With its growing economy and consistent increasing trend in consumption, there is enormous potential for suppliers, including the Philippines, to enter China’s market, gaining more footprint and business,” he said.
Chua noted that the upcoming China International Import Expo was a great opportunity for Filipino micro, small and medium entrepreneurs to enter the huge Chinese market with a 1.3 trillion consumer base.
The Philippines signed up to participate in the purely imports expo, the first of its kind in China.
China in 2017 was the fourth largest importer of Philippine products behind Japan, US and Hong Kong. Exports to China stood at $6.4 billion in 2017, way below imports of $15.6 billion.
Total trade between China and the Philippines grew 12.1 percent over the last five years.