The Philippines and Türkiye are looking to boost their bilateral trade, with a potential target of reaching the $1 billion mark in the medium term. This goal was announced by Niyazi Evren Akyol, the Turkish Ambassador to the Philippines, who believes that the current level of trade between the two countries remains below its true potential.
Trade between the Philippines and Türkiye has been modest, with a total value of $441 million last year, representing an 11.6% increase from the previous year. However, in the first four months of this year, trade between the two countries reached $151 million, comprising $41 million in Turkish exports and $110 million in Philippine exports.
Coconut products, tropical fruits, seafood, and halal-certified goods have been identified as the Philippines' biggest export opportunities. The Turkish Ambassador noted that there is a huge demand in Türkiye for coconut and tropical fruits, and that the Philippines is a competitive producer of these products. Seafood is also an area of interest, with Mr. Akyol highlighting the quality of Philippine seafood.
With Türkiye's large Muslim population, there is also significant potential for Philippine halal exports. Turkish exporters also see opportunities in construction, consumer goods, and agricultural products, including poultry, packaged foods, and fresh fruits.
However, structural challenges continue to hamper efforts to expand bilateral trade. Distance, competition from nearby countries, and limited awareness of each other's markets are some of the obstacles that need to be addressed. Mr. Akyol believes that increasing contact between businesses and government agencies can help to facilitate trade and overcome these challenges.
Despite the risks from the conflict in the Middle East, the Turkish Ambassador remains optimistic that bilateral trade will continue to grow. He expects the Philippines to remain one of Türkiye's priority markets under its Far Countries Strategy, and is confident that the two countries can reach their trade targets.
