“The Philippines and Singapore agreed to fast-track agricultural trading negotiations to allow the export of pork, chicken and eggs, vegetables and shrimps to the tiny but rich country by early next year,” Agriculture Secretary Emmanuel F. Piñol said.
According to the Agriculture Secretary, Singapore is also interested in vegetables produced in Bukidnon, high-value rice such as brown rice and organic rice and vannamei shrimp.”
Piñol stated that the only thing that can impede the transport of Philippine farm products to Singapore is the Chinese New Year, when the country becomes occupied with its traditional festivities.
While the Agriculture Secretary did not divulge the estimated value of expected income with its entry to the Singaporean market, he made clear that the Philippines would be filling in the supply gap that was created by the decline of Malaysian agricultural shipments.
Singapore’s Import-Export industry
Singapore transported US$373.2 billion worth of products all over the world in 2017. The figure represents approximately 2.3% of total global exports projected at $15.952 trillion in the previous year.
In an international context, three-quarters (75.4%) of Singaporean exports by value are delivered to other Asian countries while 9.5% are purchased by European importers.
Additionally, Singapore transported another 7% worth of products to North American clientele while a smaller percentage (2.2%) went to Latin America excluding Mexico but including the Caribbean.
The Philippines is on the list of Singapore’s roster of top trading partners with exports totaling $7.3 billion.
Philippines-Singapore relations overview
The Philippines and Singapore are both founding members of the ASEAN and relations between the two countries have stayed robust and energetic through the years.
The Philippines is Singapore’s 14th largest trading partner worldwide with a total bilateral trade of US$9.57 billion in 2017. The country is also the Philippines’ 3rd biggest investor worldwide, with US$ 201.49 million in 2017.The leaders of Singapore and the Philippines declared the outstanding bilateral relations between the two countries, and acknowledged that that there are numerous opportunities to advance, expand and intensify bilateral relations, including strengthening security cooperation.