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Chinese firm buying $200M worth of aggie goods

A Chinese company is importing $200 million worth of agricultural products from the Philippines in the next five years, the Chinese Ambassador to the Philippines revealed on Tuesday night.

Chinese Ambassador to Manila Huang Xilian posted in his official Facebook account that a Chinese company signed a letter of intent on the procurement of tropical fruits with its Philippine counterpart during the recent 3rd China International Import Expo (CIIE).

“The Chinese company will import $200 million worth of young coconut and snacks such as dried fruits from the Philippines in the next five years,” Huang said.

Huang, citing data released by the Philippine Statistics Authority (PSA) said while remaining to be the Philippines’ top import supplier as well as the top trading partner, China became the cuntry’s second largest export market in the first 10 months of 2020,with more than 15 percent of the Philippines’ total exports being shipped to the Chinese mainland.

According to the PSA, electrical machine and equipment still accounted for the largest share in the Philippines’ exports to China. Likewise, tropical fruits were among the Philippines’ most welcomed goods on the Chinese market.

Last year witnessed the arrival of the first batch of Philippine avocados in Shanghai, making the Philippines the first Asian country to export the fruit to China.