Phl, Australia solidifies trade ties
The Philippine government, in collaboration with Australia, is working to strengthen bilateral trade ties. The recent upgrade of the relationship to a Strategic Partnership has paved the way for increased economic cooperation between the two countries.
This comes as Ares Merchants Philippines Inc. (AMPI) aims to boost its annual coconut oil exports to Australia to around 30,000 metric tons as it capitalizes on the growing demand for high-quality coconut oil in the Australian market, driven by its diverse applications in food and beverage, as well as cosmetics and personal care industries.
AMPI managing director Jose Leonardo Tañada highlighted the strategic importance of targeting premium markets like Australia, which offer better pricing and directly benefit Filipino coconut farmers.
By focusing on such markets, AMPI aims to contribute to the country’s efforts to reduce its trade deficit.
AMPI’s export growth aspirations align with the Department of Trade and Industry’s (DTI) goal of boosting the Philippines’ agricultural economy, particularly the coconut industry. As one of the world’s largest coconut producers, the Philippines relies heavily on coconut products for its export revenue.
Meantime, Luisa Rust, Senior Trade and Investment Commissioner from the Australian Embassy’s Australian Trade & Investment Commission (Austrade), expressed support for AMPI’s efforts and emphasized the growing demand for coconut oil in Australia.
She said that the increasing interest in coconut-based cuisine, natural and organic products, and the recognized health benefits of coconut oil are driving market growth.
Austrade plans to further facilitate trade between the two countries through various initiatives, including providing advisory support to exporters, organizing trade missions and collaborating with government agencies like the DTI.
AMPI is also expanding its global reach by marketing coconut oil to different industries through its U.S. counterpart, Apical Resources America LLC. Additionally, the company has partnered with the Philippine Coconut Authority (PCA) and Limketkai Manufacturing Corp. (LMC) to produce EU-compliant crude coconut oil, addressing specific market requirements.