Business Bayani PH

The Philippines is setting its sights on a bigger slice of the Indian market, with the Department of Trade and Industry (DTI) urging local producers to ramp up exports and unlock a potential $567 million windfall.

“India presents a very promising market with a diverse consumer base,” said DTI-Export Marketing Bureau (DTI-EMB) Assistant Director Dr. Jhino Ilano in a report by Manila Bulletin. He estimates the untapped export potential in India to be around $566.92 million.

Machinery and electronics top the list with a potential $436.96 million, followed by processed food at $3.94 million.

Personal care and beauty products hold promise at $1.40 million, while horticulture offers $1.12 million.

Beyond exports, Ilano sees opportunities in:

• Education and training: The Philippines can capitalize on its creative sector by exporting services to the Bollywood film industry.
• Franchising: The Indian franchise market is expected to reach $140-$150 billion in the next five years, making it a lucrative avenue for Filipino food manufacturers.

Busy Indians are increasingly seeking convenient food options due to their demanding lifestyles, creating a golden opportunity for the Philippines. Dr. Ilano, recognizing this potential, sees ready-to-eat delights like Philippine pineapple and jams as perfectly positioned to tap into this growing market, offering delicious and convenient solutions for India’s time-pressed consumers.

Coconut, a favorite for its oil, and hair coloring cosmetics are also seen as promising exports. Agricultural products like desiccated coconut, seaweeds, cashew nuts, and mangoes could find fertile ground in the Indian market.

Ripple effect on the economy

Ilano emphasized the broader impact of increased exports. “Even if electronics lead the potential, it will ripple through the economy,” he explained. “For instance, if a company like Toshiba invests here, it creates jobs, and those employed will need food, which benefits many of you producers.”

The Philippines’ current exports to India include gold, office machine parts, and refined copper. India, in turn, exports packaged medicines, semi-finished iron, and motorcycles to the Philippines. 

While specific data on Philippine exports to India is limited, the DTI-EMB’s push highlights the significant potential for growth and diversification in this key market.

Call to action for Filipino producers

The DTI-EMB is actively encouraging local businesses to explore the Indian market and seize the vast opportunities it presents. With its diverse consumer base and growing economy, India offers a fertile ground for Filipino producers to expand their reach and contribute to the country’s economic growth.◼