PH-Norway bilateral trade jumped 120% in 2021 (Sabong News)
Author
Bernie Cahiles-Magkilat
Date
MARCH 31 2022
Bilateral trade between the Philippines and Norway jumped 120 percent in 2021 buoyed by improved economic relations following the implementation of free trade agreement with the European Free Trade Association (EFTA) where Norway is a member.
Bureau of International Trade Relations (BITR) of the Department of Trade and Industry Director Angelo Salvador M. Benedictos highlighted the steadily increasing trade figures between the Philippines and Norway during networking luncheon hosted by the Philippines Norway Business Council (PNBC).
Total trade between the Philippines and Norway recorded a growth rate of 19.53 percent and 120.90 percent in 2020 and 2021, respectively, despite the Covid-19 pandemic.
Philippine exports to Norway likewise posted a significant increase of 36.46 percent growth rate from EUR 5.7 million in 2020 to EUR 7.8 million in 2021.
However, Philippine imports from Norway, grew faster at 135.68 percent from EUR 32.7 million in 2020 to EUR 77.08 million last year.
The Philippines expects trade figures to continue improving largely due to the benefits under the PH-EFTA FTA, which took effect in June 2018.
Top Philippine exports to Norway that benefited the PH-EFTA FTA include food and beverage products such as cooked pasta, crisp savory food products, biscuit, food preparations, soups and broths, peanut butter, mineral or aerated water), prepared/preserved fruits, sugar confectionery products, and garments & apparel.
Norwegian exports to the Philippines include chemicals/fertilizers, fisheries and fishery products, plastics, and related articles.
Benedictos also encouraged Norwegian businesses to look into investment opportunities in the Philippines, particularly in the manufacturing sector, following the amendments of three DTI advocated economic reforms namely the Foreign Investments Act (FIA), the Retail Trade Liberalization Act (RTLA), and the Public Service Act (PSA).
