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Brief on India-Philippines Economic & Commercial Relations

Brief on India-Philippines Economic & Commercial Relations

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Brief on India-Philippines Economic & Commercial Relations
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rishi64
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Brief on India-Philippines Economic & Commercial Relations - October 20th, 2009

Brief on India-Philippines Economic & Commercial Relations  TRADE India and the Philippines signed a Trade Agreement in 1979. Growth of bilateral trade between the two countries had been slow till the late 90s, but has picked up in the last few years. Balance of trade has been heavily in favour of India. Trade however still remains below its potential. However, the visits by the Indian President (February 2006) and then the Indian PM (January 2007) to the Philippines and later by the Philippines President to India (October 2007), have acted as a stimulus to bilateral trade and investment links. Presently (2007-08) bilateral trade between India and the Philippines is US$ 823.29 million of which US$ 618.65 million forms Indian exports to the Philippines and US$ 204.64 million is the component of India’s imports from the Philippines (Source: Department of Commerce, Government of India). 2. Major items of Indian exports are: Frozen buffalo meat; rubber and articles thereof; oil seeds and olea etc.; vehicles; iron and steel; residues and waste from food industries; tobacco; pharmaceutical products. 3. Major imports from Philippines are: electrical and electronic machinery and equipment; iron and steel; machinery; vehicles; auto components, newsprint paper and paperboard; animal or vegetable fats and oils; organic chemicals. Bilateral Trade Statistics (Value in Million US$) 2003-2004 2004-2005 2005-06 2006-2007 2007-08 India’s EXPORTS % Growth 321.53 412.23 (+ 28.21%) 490.56 (+20%) 582.09 (+17.67 %) 618.65 (+6.23%) India’s IMPORTS % Growth 122.11 187.39 (+53.46%) 235.49 (+25.67%) 167.25 (-28.98%) 204.64 (+22.36%) Total Trade 443.64 599.62 (+35.16%) 730.15 (+21.76%) 749.34 (+2.63%) 823.29 (+9.87%) Major Exports from India to Philippines (Value in Million US$) Sl No. HS Code Product/Commodity 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008
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