Exporters urged to tap wealthy Brunei market
Cebu manufacturers and exporters are encouraged to explore the Brunei Darussalam market.
Fred Escalona, Philippine Exporters Confederation executive director, made the call after Director Rhodora Leaño of the Department of Trade and Industry Bureau of Domestic Trade (DTI-BDT) encouraged exporters to tap the wealthy Brunei market.
Despite having a small population of only 412,238, Escalona said Brunei is a wealthy country that’s under Sultan Hassanal Bolkiah’s leadership.
“We cannot simply overlook this market especially that we are soon going into an integrated market in 2015 through the Asean Economic Community,” Escalona said.
Based on figures from the National Statistical Coordination Board (NSCB), exports to Brunei was only $6.23 million in 2011 while imports there were at $5.05 million.
Escalona, however, said that the Philippines is not a major trading partner of Brunei.
“The market (Brunei) is expanding. In fact, as of last year, their total trade value to the world increased by 36.4 percent or $19.3 billion with Korea, Australia and Japan as its major trading partners,” Escalona said.
He cited the country’s potential to market more wearable goods to Brunei including fashion accessories, which Cebu is particularly well known for.
“We can also export processed food products and furniture and furnishings to Brunei,” he said.
Promote
Leaño said exporters can promote their products in Brunei by displaying their goods in a showroom at the Philippine Embassy in Bandar Seri Begawan in Brunei Darussalam every last quarter of the year.
She added that identified products with huge potentials in the Brunei market are wearables such as fine costume jewelry, semi-precious stones, shoes, bags, fabrics, furniture and home furnishings.
“It (showroom) must be a ‘go to’ place that people will want to visit because they know they can see attractive and unique products and they can place orders for these products there,” she said in a statement shared by Philexport.
The contents of the exhibit will be changed every quarter to encourage more buyers to return to the Embassy, she said.
“The Embassy will provide assistance by taking note of buyers’ orders or give the appropriate referrals to the manufacturers of the products that are on display.”
“The Embassy is going to take care of displaying these products in the showroom. The products need to be appropriately labeled, (it should) identify who are the manufacturers, the nature of the product, if it is organic, fabric, etc.” Leaño said.
”Hopefully, the program will be started by the last quarter this year according to Leaño adding that they are now in the midst of discussing with Philexport strategies to help promote the idea to the manufacturers and exporters.
