Manila—(PHStocks)—Following the listed tuna and salmon company’s initiatives to expand existing market presence in the European Union (EU), Alliance Select Foods International Inc. (PSE: FOOD) looks to increase its market share in the UK.
The company had previously stated that the GSP + status granted to the Philippines makes it possible for Alliance Select to significantly expand its existing market in the EU. After the Philippines gained GSP+ in 2015, allowing for zero percent duty trade of tuna products with the European Union Member States, Alliance Select, one of the country’s leading manufacturers of tuna products, is set to attract more clientele because of the competitive price it is now able to offer.
In particular, Alliance Select aims to bring more of its products to the United Kingdom to take advantage of its unique market.
“The UK is one of the leading destinations of processed tuna in the EU and Alliance Select is well-positioned to meet that demand,” says ASFII president Raymond See. The European Union is listed as top two in the world in terms of tuna import market while the UK is among the top five importing countries in the EU. In 2015, PH exports to the EU registered an increase of 27% valued at €743 million.
The UK is the fifth biggest export market of the Philippines. Most recent data from the Bureau of Fisheries and Aquatic Resources (BFAR) show that the country has exported a total of 17,324 metric tons in fishery exports to the region valued at P2.4 billion. Moreover, 29% of the seafood consumption supplied in the UK is imported, with the top two species consumed being salmon and tuna.