Philippine exports breach $100 billion mark in 2023

April 2, 2024 | 12:00am

Driven by IT-BPM, tourism sectors

MANILA, Philippines — Total Philippine exports breached the $100-billion level for the first time last year, but fell short of the government and private sector’s target.

Bianca Sykimte, director of the Department of Trade and Industry (DTI) Export Marketing Bureau said the country’s exports of goods and services inched up by 4.8 percent to hit a record $103.6 billion in 2023 from $98.8 billion in 2022.

However, the amount was below the $126.8-billion goal set under the Philippine Export Development Plan (PEDP).

The DTI said the growth in total exports was driven by services exports, which grew by 17.4 percent to $48.29 billion from $41.12 billion.

Driving the increase was the strong performance of the information technology and business process management (IT-BPM) sectors, as well as tourism revenues.

Meanwhile, merchandise exports declined by 4.1 percent to $55.32 billion in 2023 from $57.71 billion in 2022.

The 3.4-percent decline in electronic shipments pulled down the country’s total merchandise exports.

Also contributing to the decline in merchandise exports were coconut products, other agro-based items, other mineral products and petroleum products.

Under the PEDP, the goal is for the country’s total exports to reach $143.4 billion this year and $240.5 billion by 2028.

According to the DTI, it is actively pursuing initiatives to take advantage of the strong performance of the services sector and address challenges in merchandise exports by tapping new markets and strengthening existing ones, as outlined in the PEDP.

Amid challenges in the global market, the DTI said it continues to work with Philippine exporters and other relevant stakeholders.

It also remains committed to addressing the concerns of exporters by coming up with tailored programs and services.

“We recognize the ongoing challenges in both the domestic and global trading environments and hope to address the binding constraints to Philippine export competitiveness as we continue to implement the PEDP for 2023 to 2028. Each exporter counts, and with cooperation, we can open the door to a future in which Philippine exports have increased their mindshare in the global market, underpinned by global competitiveness and innovation,” Trade Secretary Alfredo Pascual said.