Philippine exports surpassed $100 Billion in 2023

The Philippines achieved a historic milestone in 2023 as the total exports of goods and services reached USD 103.6 billion, marking a remarkable 4.8% increase from the recorded export performance of USD 98.83 billion in 2022. However, this falls short of $23.2 billion below the 2023 target outlined in the Philippine Export Development Plan (PEDP). 

Director Bianca Pearl Sykimte of the Export Marketing Bureau (EMB), concurrent Executive Director of the Export Development Council (EDC), reported that the Agriculture and Agri-Based Exports sector reached 6.6%, surpassing the 2023 target of 5.1%. Similarly, the ambitious target for the Transport Products also demonstrated significant growth, breaching 5.4% in 2023, exceeding the expected target of 4.2%. 

In 2023 figures, the total export goods amounted to $55.32 billion, while services exports reached $48.29 billion.  

Goods declined by 3.4% while services went up by 17.4%, driven by the Information Technology-Business Process Management (IT-BPM) and Tourism sectors. Goods exports faced challenges, with electronics exports declining by 3.4% or USD 955 million compared to 2022. Other factors contributing to the decline in merchandise exports were coconut products (one of the top agricultural exports), other agro-based items, other mineral products, and petroleum products. Conversely, fruits and vegetables experienced an increase in demand. 

Further, Philippine services exports emerged as a powerhouse, with the sector experiencing a significant expansion of 17.4%, driving much of the overall export growth. Travel services contributed nearly 70% of the incremental services export receipts in 2023, followed by other business services. Growth was also driven by sectors including telecommunications, computer and information services, and transport services.

The official DTI press release can be viewed through this linkAOB

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