With easing Covid restrictions and strong domestic activity, the Philippines economy has returned to pre-pandemic levels. Economy growth between 2023 and 2025 is expected to average 5.7 percent annually. At the end of 2022, the nation's two-way trade was up 12.3 percent, and New Zealand's merchandise exports to the Philippines were up 31 percent. Overall exports to the Philippines are, however, still low.
In 2022, New Zealand exports of meat and dairy were up 114 and 28 percent, respectively, returning them to pre-pandemic levels. But, key sectors such as fruit, seafood, paper and wood all remain down. Seafood exports are sitting at the lowest levels, 44 percent below what was seen in 2019.
The country saw significant shortages of sugar and onions towards the end of 2022, providing an opportunity for New Zealand exporters in 2023.
The Philippines does face challenges with inflation, public debt and poverty. Despite this, President Marcos Jr is working to increase trade relationships with New Zealand.
