PH-Israel bilateral trade surges 70% thanks to BPOs, other sectors
MANILA, PHILIPPINES — The bilateral trade between the Philippines and Israel increased by 70% year-on-year to $534 million in 2022 due to the growing demand for products and technologies from both countries.
According to Economic Counselor and Israeli Economic Mission to the Philippines head Tomer Heyvi, industries such as agriculture, water, homeland security, cyber security, Information And Communications Technology (ICT), connectivity, medical devices, and healthcare have witnessed a significant increase in demand.
Simultaneously, Israel also experienced a growing demand for products and services from the Philippines, including electronics, agricultural produce, and Business Process Outsourcing (BPO) services.
“This is represented in the consecutive growth of our imports from the Philippines in both 2021 and 2022,” Heyvi noted.
Data from Israel’s Central Bureau of Statistics showed that the export of goods to the Philippines in 2022 grew by 94% year-on-year to $340 million. Meanwhile, Israeli imports from the Philippines increased by 39% to $193 million.
With these notable figures, Heyvi revealed that the Foreign Trade Administration within the Ministry of Economy and Industry of Israel established an Economic Mission in the Philippines to further enhance commercial ties between nations.
This decision perfectly aligns with the 65th anniversary of the bilateral diplomatic relations between the State of Israel and the Republic of the Philippines, which was established in 1958.
