Pinoy exporters told to step up efforts to tap Russian market
Filipino exporters are encouraged to double-time in penetrating the Russian market amid the still struggling traditional markets abroad.
Russian Federation honorary Consul Armie L. Garcia said that aside from fashion accessories, and furniture, food exports from the Philippines, especially from Cebu is gaining ground.
Dried mangoes from Cebu for instance has already penetrated the Russian market, as well as some seafood, and fruit products.
According to Garcia, while the market is fertile in Russia, exporters are advised to link with Russian partners to effectively exploit the market.
Russia is a big opportunity for exporters and it's potential has not been exhausted yet, the Cebuana consul added.
However, while Russia poses as profitable market for exporters, the need for connectivity, specifically from Cebu is seen as an important vehicle successfully enter Russian marketplace.
Air connectivity will not only help boost the tourism industry to bring in more high-spender Russian tourists, but it is imperative to the growth of trade between two countries.
According to the Consulate of Russian Federation in the Philippines, bilateral trade between the two countries grew by more than 80 percent in 2010 to exceed US$713 million.
Top Philippine exports to Russia include desiccated coconut, carrageenan, lighters, personal care products, and banana chips.
Both the Philippines and Russia are member
to the economies of Asia Pacific Economic Cooperation (APEC).
Recently, Philexport president Sergio R. OrtizLuis Jr., called its member exporters to tap nontraditional markets amid the weak peso which is seen to aid struggling export sector.
Record showed that Philippine exports to these markets have increased by double digit to 59.2 percent and 22.4 percent, respectively.
This, even as overall exports extended a stretch of declines to 16 months, tumbling by 13 percent to $11.4 billion in July from $12.billion recorded a year ago, amid bearish global trade.