The Philippines is seeking to strengthen its nickel trade ties with India as part of a strategy to diversify its export markets, Foreign Affairs Secretary Enrique Manalo said during an official visit to India on Monday.

In his remarks to the Federation of Indian Chambers of Commerce and Industry (FICCI), Manalo highlighted the Philippines’ position as the world’s largest exporter of nickel ore, with exports valued at approximately $1.95 billion. However, he noted that nearly 98% of its nickel exports are currently directed to China, with Japan taking the remaining 2%.

“We are quite interested to see India become a player in our nickel sector, not just for export diversification but crucially for processing and the development of a value chain,” Manalo said.

The Philippines is the world’s second-largest producer of nickel, accounting for 11% of global production in 2023. India, which currently imports about $707 million worth of raw nickel from countries like Russia, Norway, and Japan, could serve as an additional market for the Philippines’ nickel exports.

The FICCI responded positively to Manalo’s proposal, calling the supply realignment a “natural complementarity” between the two economies that remains largely untapped. India’s import base from the Philippines already includes products such as electrical machinery, semiconductors, and ores.

Manalo’s pitch comes as the Philippines looks to reduce its heavy reliance on China for its nickel exports and explore new opportunities for processing and value-added products.

The potential partnership with India could help bolster both nations’ positions in the global nickel market, particularly as demand for the metal rises in sectors like electric vehicle production.

Source: Bilyonaryo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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