Over the last decade, total bilateral trade has tremendously increased from US$34 million in 2004 to US$151 million in 2008. The year 2008 registered the highest trade balance between the Philippines and Pakistan, amounting to US$ 6240 millions in favor of the Pakistan. In 2009, total trade between the two countries decreased enormously. Currently as per the calculations of 2016, the trade balance between Pakistan and Philippine is US$ 39.813 million.
Top exports to Pakistan include garments, paper products, pharmaceuticals, cosmetics, dairy products, processed fruits, coconut products, tobacco, electronic components and machineries, iron, steel, cement and chemicals. Top imports from Pakistan include house wares processed foods, dairy products, marine products, fresh foods, tobacco, textile yarns and twines, and industrial products. There is potential for the export of coconut and coconut products halal food and edible oils.
Joint Ventures play vital role in building the bridge regarding trade relationships between two countries. Pakistan and Philippine both are resourceful lands. There is scope of enlightening the business by shaking hands in shape of Joint Ventures. By taking this initiative both the countries would avail equal opportunities of flourishing their economy and establishing more mature business relationship.
International joint ventures are very common nowadays. This is a great opportunity to cooperate with people from different countries and combine their strengths. Starting a joint venture provides the opportunity to gain new insights and expertise. Forming a joint venture will give access to better resources, such as specialized staff and technology. Moreover, chances of success will become higher and renowned brand from one country will grow into international brand to the world. As a result of this, credibility will also vastly improve. Furthermore, despite having little to no money, companies can create more venture deals in the process. Companies from both countries; Pakistan and Philippine, will create momentum and have partners.
Pakistan Philippines Business Forum is an autonomous body based in Karachi dedicated to promote Bilateral Trade between Philippines and Pakistan.