CEBU CITY - Honorary Consul of Russia to the Visayas Armi Lopez Garcia has called on local companies to export higher-value products to Russia, saying Russians like Philippine fashion accessories "especially those with pearls and other souvenir items made of our own native materials."
"When we had our exhibits there, Russians showed much appreciation of our fashion accessories," said Garcia during the media launching of the second Philippine-Russian Business Forum and Exhibition last Thursday.
He expressed confidence that the economic ties between the Philippines and Russia will further develop, noting that Russia is the country's largest trading partner in Eastern Europe.
Russia is the country's 23rd trading partner with a total trade value of $389.736 million.
The country's export to Russia increased by 15.21 percent reaching $39.086 million last year from $33.93 million recorded a year ago.
However, the balance of trade is heavily in favor of Russia as the country's total imports increased by 90.09 percent from $131.67 million to $250.3 million.
This trade imbalance needs to be addressed, according to the Filipino organizers of the forum which is a joint undertaking of the Philippine-Russian Business Assembly, Embassy of the Russian Federation and the Philippine Exhibits and Themeparks Corporation.
"This situation poses a challenge for us to encourage the export of higher-value Philippine products to Russia to balance the trade between the two countries," Garcia said.
Garcia said electronics, information and communications technology services, construction materials, food and beverages, automotive parts, sports footwear and travel bags, gold and silver jewelry, and twine and cordage products are some of the export products that can be promoted in Russia.
"Russia is considered a largely untapped market for the Philippines," she said.
Moreover, Garcia stressed the high potential of Cebuano export products such as fashion accessories, furniture and gift, toys and accessories, which are slowly gaining popularity among Russians through the recent trade fairs and exhibits there.
The second Philippine-Russian Business Forum and Exhibition is slated from Oct. 21 to 24 at the Cebu International Conventional Center.
