Trade Secretary Alfredo “Fred” Pascual set a higher target for Philippine exports in 2024 to align with last year’s export target under the Philippine Export Development Plan (PEDP) 2023-2028. The country needs to attain about 40% growth in export value from 2023 to catch up with the PEDP target; however, market projections suggest an increase of approximately 10% this year. The 10-percent export growth target surpasses the 5 to 6-percent export growth that the Philippine Exporters Confederation, Inc. (PHILEXPORT) had projected.
Sec. Pascual said in an interview that the DTI is actively working to attract more foreign investments to increase the export target. He emphasizes the importance of bringing export-oriented foreign manufacturers and their suppliers, particularly in the Electronics and Semiconductor sector.
In November 2023, exports weaken 13.7% to USD 6.13 billion, much worse than the 4.1% contraction in October and 0.6% in September. January to November 2023 cumulative export earnings amounted to USD 67.03 billion, an annual decline of 8.4 percent from the USD 73.18 billion in 2022 but much improved than the month-on-month decline in October, with shipments plummeting 17.5%.
This year, the overall Philippine exports target is USD 143.4 Billion (about 7 Trillion). For more information, click this link. AOB