China-Philippines bilateral trade up 8.3% in first 11 months of 2022: MOFCOM
Published: Jan 06, 2023 09:27 PM
71 countries, international organizations made presence at 2022 China International Fair for Trade in Services. Photo: Li Hao/GT

People visit the exhibition area of the Philippines at 2022 China International Fair for Trade in Services. Photo: Li Hao/GT

The trade volume between China and the Philippines reached $80.41 billion from January to November 2022, a year-on-year increase of 8.3 percent, per data released by the Ministry of Commerce (MOFCOM) on Friday, showing the close trade relations between the two countries.

At the end of 2021, China had been the Philippines' largest trading partner for six consecutive years, and its second-largest export market. China is also the third-largest export market for Philippine agricultural products, Shu Jueting, spokesperson for MOFCOM, said at a press conference.

At the 5th China International Import Expo, the booth area of the Philippines increased by 240 square meters compared with the previous one, and 19 new exhibitors were added.

At present, the Philippines is China's largest source of bananas and pineapples. Coconuts, avocados, and frozen fruit have also become popular imports, and fresh durians will soon be exported to China, Shu said.

At the same time, Chinese enterprises have achieved remarkable results in investment and cooperation in the Philippines.

According to statistics from the Philippines, from 2016 to 2021, Chinese companies invested about $2.9 billion in the country, in areas such as service outsourcing, logistics, agriculture, steel and communications.

In the next step, the aim is to expand imports of high-quality products from the Philippines, support Chinese enterprises to invest in the country, and promote joint construction of the Belt and Road Initiative, MOFCOM said.

Philippine President Ferdinand Romualdez Marcos Jr. paid a visit to China on Wednesday, becoming the first foreign leader to be hosted by China in 2023. It is his first visit to China as president and his first official visit to a country outside the Association of Southeast Asian Nations.

The two countries signed cooperation documents on Belt and Road cooperation, agriculture, fisheries, infrastructure, finance, customs, e-commerce and tourism.

Global Times