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Italian traders are optimistic about setting new records with PH.
Marco Clemente, the Italian ambassador to the Philippines, anticipates that trade between the two nations will reach new heights this year.
Clemente stated to the Philippine News Agency (PNA) on Tuesday that bilateral commerce between Italy and the Philippines would surpass pre-pandemic levels in 2022, reaching EUR1.24 billion.
The value of two-way commerce in 2019 was EUR1.09 billion.
In an interview, he asserted that “trade relations between Italy and the Philippines have never been better.”
The two nations’ commerce increased by 23.9 percent on a yearly basis, with Italian exports to the Philippines rising by 21.5 percent and Philippine exports to Italy rising by 29.1 percent.
“Trade is still heavily favoring Italy. Although we have a trade surplus of EUR 360 million, the Philippines is certainly coming up, according to earlier data, Clemente added.
The Italian envoy is optimistic about better trade results this year given the lifting of the limitations related to the coronavirus illness 2019 (Covid-19).
“I can sense the increased interest of the Italian business community,” he continued.
According to Clemente, Italy, and the Philippines will keep working together to improve their economic connections, particularly by pursuing joint economic collaboration.
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