South Korean traders forge partnership with Philippine trade groups

The Korea Importers Association (KOIMA) has forged an agreement with Philippine trade associations to further strengthen bilateral trade and increase exports to South Korea.
KOIMA has agreed to cooperate in leveraging opportunities in commercial and industrial development, investments, and joint ventures.

KOIMA regularly conducts sourcing activities overseas to obtain raw materials for the production of export goods. Philippine-Korean trade grew from US$5.5 billion in 2007 to $7.4 billion in 2012.

Exports increased from $2.2 billion in 2011 to $2.9 billion in 2012, making South Korea the sixth largest market for Philippine exports.

On the other hand, imports from South Korea rose from $4.4 billion in 2011 to $4.5 billion 2012, making it the Philippines’ fifth top source of imports.

South Korean Ambassador Lee Hyuk said his country lacks natural resources and is looking to tap the Philippines, blessed with natural wealth, to supply his country with a range of manufacturing raw materials.

These include agricultural, steel, mineral, and petrochemical products. There is also a growing need for electronic components and high-tech materials required for genetic engineering, nanotechnology, robotics, and next-generation semiconductors.