The numbers are out and it has just been confirmed that the Philippines racked up around $300 million in sales at the recently concluded China International Import Expo (CIIE). The said amount is more than double what the Southeast Asian country snagged last year at $124 million.
According to the Manila Times, the Philippines' Department of Trade and Industry (DTI) said on Tuesday that a total of 32 food exhibitors joined the second CIIE and among the winning segments are coconut-based goods, nuts, and processed fruits.
The top-selling products are also fresh fruits such as durian, pineapples, mangoes, and bananas. Philippine Trade Secretary Ramon Lopez said the new developments in the country's CIIE sales is proof that China recognizes the Philippines as a "significant source" of agricultural products.
Lopez also encouraged Filipino suppliers to improve and increase their production volumes to help support the massive Chinese market's demand not just for agricultural goods but also for other items.
Aside from Philippine products making progress at the expo, experts from different industries also expressed optimism in the benefits of the deals that were inked during the event.
According to Xinhua, industry experts noted that the event has opened doors for overseas companies to potentially establish their brands in the world's second-largest economy. These companies come from different sectors.
Among the sectors believed to see a lot of opportunities from the CIIE is the snack food segment. Snack food chain LYFEN's CEO, Yu Ruifen, said the company, which is based in Shanghai, is looking for "global partners to make the 'cake' bigger and share it with them."
LYFEN showcased several key products that have seen massive growth in the market over the past year. Among these products is imported milk that saw sales hit a 754 percent growth from 2018.
The CIIE is considered one of the biggest conferences where companies from all over the world can showcase their products or services. In this year's conference, over 1,300 exhibitors joined the event.
Deputy Director of the CIIE Bureau, Sun Chenghai, revealed that the event saw 3,200 buyers, resulting in 2,160 tentative deals signed between merchants who graced the six-day expo.
Electric vehicles are also expected to be more rampant in China following the CIIE's closing on Sunday. Co-founder of American EV startup Neuron EV, Scott Zheng, noted that through China's opening up in the form of the expo, the company was able to speak with "over 800 potential clients."
During Tuesday's opening for the CIIE 2019, Chinese President Xi Jinping reaffirmed the country's goal of further opening up its massive market to overseas investors and companies.
According to China Daily, the CIIE bureau further revealed that a total of $71.13 billion accounted for the deals that were inked during the event. The figures are 23 percent higher from last year's expo.
As proof of the increasing interest in infiltrating the Chinese market, over 230 companies from the world already signed up for the 2020 CIIE meet. From the Fortune 500 list, over 80 applicants signed up.
