Trade and Industry Secretary Ramon Lopez. (File photo by GRIG C. MONTEGRANDE / Philippine Daily Inquirer)
The Department of Trade and Industry (DTI) targets to sell $50 million worth of exports in China’s first ever import expo, despite sending fewer entrepreneurs than expected.
DTI Secretary Ramon Lopez told reporters on the sidelines of a forum on Thursday that the target is larger than what Philippine delegations usually earn from joining international trade expos.
The Philippines expects to earn this much from the first ever China International Import Expo (CIIE), which only features foreign exhibitors. This is China’s effort to move away from trade surplus and closer to a balanced trade.
“We know that every time we participate in these kinds of events [trade expos], we generate about more than $30 million of [export] sales. But this one is bigger. [Maybe we’ll hit] $50 million [worth] of sales. That’s my estimate,” Lopez said.
The CIIE, which began on Nov. 5 and will end on Nov. 10, features thousands of companies eager to catch the interest of Chinese buyers.
The Philippines, however, sent fewer exhibitors than expected, allegedly because the event was overbooked, according to a business official.
“Remember, we weren’t able to send the 100 exhibitors that we wanted,” Lopez recalled.
Instead, only 36 Filipino exhibitors were able to participate, most of whom work in the food industry, while some are in consumer goods and services, according to a recent DTI statement.
Apart from this, there was also a 136-square meter Philippine national pavilion, which featured 10 partner government agencies and companies as well as 11 universities.
Lopez said the Philippines is reserving ahead for next year’s CIIE, to send more exhibitors than this year.
By next year, he said he targeted $100 million worth of sales./lb