In 2024, the Philippines’ total exports reached $125.21 billion, with a total of $73.23 billion of goods and US$51.98 billion of services exports. The value of goods exports, reflecting a slight 0.5% decline from the $73.62 Billion reported in 2023.
According to the Philippine Statistics Authority (PSA) report, Electronic products (including other electronics) remained the country’s top export, reaching $42.7B. However, this reflects a 6.4% decline compared to the $45.7B in 2023.
Services exports grew from $48.33 billion in 2023 to $51.98 billion in 2024, an increase of 7.54%. This significantly strengthens the Philippines’ position in the service export sector.
As the country faces persistent challenges such as geopolitical tensions, protectionist trade policies from the United States, weather disturbances, natural disasters, global economic slowdown, and trade wars, the Philippine Export Development Plan (PEDP) targets are currently being reassessed for revision. The 2024 Export target achieved only 87% of the actual exports amounting to US$125.21 billion out of the $143.4 billion PEDP target. Moving forward, the PEDP 2023-2028 remains focused on strengthening its strategies to support export growth.
At Philippine Exporters Confederation, Inc. (PHILEXPORT) 1st General Membership Meeting, President and the Export Development Council (EDC) Vice Chair Sergio Ortiz-Luis Jr. reported that the Philippine economy posted a 5.6% GDP growth in 2024, ranking as the 8th fastest among 46 countries. However, exports remain absent from the key growth drivers, with projections for goods and services at $110 billion—falling short of the Philippine Development Plan (PDP) targets of $113.42 billion in 2025 and $135.08 billion in 2028. Related article: http://www.edc.net.ph/philexport-national-sets-110-billion-goal-for-2025-export-target/
The call for increased government support amid the insufficient budget for export promotion remains one of the longstanding challenges faced by our exporters. AOB