Exporters urged to strengthen trade relations with India

Filipino exporters especially those engaged in food, machinery and electronic equipment are encouraged to boost trade with India as demand for those products is estimated at $56 million this year, according to Export Marketing Bureau assistant director Jhino Ilano.

In a recent information session, Ilano described India as “a very promising market” given its huge population base.

Ilano said Indian demand for locally made machinery and electronic equipment is estimated at $437 million.

He said other products which the Philippines can sell to India include personal care and beauty products, horticulture, services and franchising.

Ilano said the government is also encouraging local manufacturers to export processed food to India.

“If you want to sell products to India, the best thing to sell to them would be food. Because most people in India are not actually fond of cooking food for themselves, because they are busy trying to get two to three jobs to maintain a lifestyle,” Ilano said.

The DTI official also urged local firms to tap India’s personal care and beauty product market.

“Indian consumers actually believe that coconut oil has a more moisturizing effect than a usual lotion. Coconut oil is a very good product that can be sold in the Indian market,” he said.

Ilano said that local horticulture products such as desiccated coconut, seaweeds and algae, and cashew nuts have an unrealized export potential of $1.12 million.

He also said that the country can also export services such as education and training, and creative services to India.

Moreover, Ilano said the franchising sector is another sector that presents opportunities for Filipino businesses.

“Obviously, the food manufacturers would be part of the franchising that can be promoted in India. According to the Philippine Franchise Association, the Indian franchise business is expected to hit $140 billion to $150 billion in the next five years. This is a good opportunity for local food manufacturers to venture in,” he said.

The country’s export earnings from India grew by 54 percent to $1.1 billion in 2023 from only $718.44 million in 2022.