(MENAFN- Gulf Times) The restoration of Qatar's diplomatic and economic ties with its regional neighbours is expected to encourage growth between the Gulf state's bilateral trade relationship with the Philippines this year, an official has said.
'We foresee a positive trend in Philippine trade with Qatar in 2021, given the boost in trade opportunities with the resumption of its trade and travel ties with Saudi Arabia, the UAE, Bahrain, and Egypt, according to Philippine Commercial Attaché for the Middle East and Africa Charmaine Mignon S Yalong.
Yalong pointed out that aside from the end of the Gulf rift, the upcoming 2022 FIFA World Cup, as well as the rollout of the Covid-19 vaccine, would also help enhance the Philippines' trade ties with Qatar.
'Aside from the ease in movement within the region, the opportunities provided by the upcoming 2022 FIFA World Cup in Qatar is also another key factor. The event will have a substantial positive impact on Qatar economy and trade with the investments in sporting venues, transport and utilities infrastructure, and hotels and leisure facilities.
'With the onset of Covid-19 vaccination in the region, we expect our trade with Qatar and the Gulf region as a whole to be strengthened as the region, which is built on trade and tourism, learns to cope with the new normal, said Yalong in a statement to Gulf Times.
In 2020, Qatar ranked as the Philippines' 35th trading partner, as the 43rd export market, and 32nd as an import supplier, according to figures from the Philippine Statistics Authority (PSA) as processed by the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB).
Among the Gulf economies, Qatar is the third export partner of the Philippines after the UAE and Saudi Arabia. Qatar also ranked fourth as import supplier and as fourth bilateral trade partner of the Philippines among Gulf countries.
In 2020, the Philippines' main exports to Qatar were processed food and beverage at $16.44mn or 41.3% of the total share, fresh bananas ($12.19mn or 30.6% share), chemicals ($2.29mn, 5.7%), machinery and transport equipment ($1.60mn, 4.0%), and pineapple and pineapple products $1.26mn, 3.2%), according to PSA figures.
The Philippines' imports from Qatar in 2020 were mainly light petroleum oil and preparations thereof ($48.19mn, 27.4%), semi-finished products of iron or non-alloy steel ($35.18mn, 20%), urea whether or not in aqueous solution ($44.31mn, 25.2%), petroleum oils and oils obtained from bituminous materials, crude ($17.03mn, 9.7%), and polyethylene having specific gravity of less than .94, in primary forms ($16.34mn, 9.3%).
From 2016 to 2020, bilateral trade between Qatar and the Philippines exhibited a decline, averaging at a rate of 3.3%. Philippine exports declined during the period at an annual average of 5.5%. On the other hand, Philippine imports to Qatar increased during the period at a rate of 11.7%, PSA figures revealed.
Total trade with the Qatar decreased by 0.8 % from $214.0mn in 2019 to $215.7mn in 2020. Philippine exports to Qatar decreased by 30.6% from $57.4mn in 2019 to $39.8mn in 2020. Imports increased by 12.3 % from $156.6mn in 2019 to $175.9mn in 2020, the PSA added.
In February 2020, DTI-Trade Promotions Group (TPG) Undersecretary Abdulgani M Macatoman led a trade delegation to Qatar as part of the ‘Outbound Business Matching Mission' (OBMM).
During the event, Macatoman stressed the need to export more brands from the Philippines to Middle East markets, such as Qatar. He also said the presence of more Filipino products would help address demand from Overseas Filipino Workers (OFWs) living in the Middle East.
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