Philippines targets Iran food market

Iran is a promising market for food and beverage. It is the second largest economy in the Middle East and North Africa (MENA) region, only after the Kingdom of Saudi Arabia, according to The World Bank. It also has the second-largest population in the region at around 78.8 million.

The Philippines and Iran have a history of trading, and in the past five years, Philippine exports of food and non-food products to Iran grew 0.32%, according to a report in Business Mirror. Shipments to Iran jumped 15.59% from USD47.92 million in 2016 to USD55.39 million in 2017 for both food and non-food products. Imports from Iran are mostly non-food products, with the exception of milk and cream in different forms.

The Philippines' Department of Trade & Industry - Export Marketing Bureau is encouraging producers of tropical fruits and coconut products to explore the market further.  Currently the Philippines mainly ships pineapples, bananas, coconut oil, and carrageenan to Iran.

Coconut oil is one of the Philippines' main exports to Iran (Photo: Dreamstime)