Philippine exports surpass 100 bln USD in 2023

0 Comment(s)Print E-mail Xinhua, April 1, 2024
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MANILA, April 1 (Xinhua) -- Philippine exports exceeded 100 billion U.S. dollars for the first time in 2023, with a total of 103.6 billion dollars, a 4.8 percent increase from 2022, the Philippines' Department of Trade and Industry (DTI) said Monday.

Citing data from the Bangko Sentral ng Pilipinas (BSP), the country's central bank, DTI Secretary Alfredo Pascual said that the strong performance of the information technology and business process management sectors and a turn-around in tourism revenues drove the growth.

Due to enhanced travel connectivity and promotional efforts, the Southeast Asian country recorded a surplus in tourism revenues for the first time in 15 years, reaching 9.1 billion dollars in 2023, more than doubling its 2022 level.

According to the DTI, much of the export growth was driven by a significant expansion of 17.4 percent in the country's services exports, with travel services contributing nearly 70 percent of the incremental services export receipts in 2023.

However, weak external demand in the goods sector dampened exports' overall contribution to economic growth. In 2023, total exports accounted for 27 percent of the country's gross domestic product (GDP).

According to BSP data, goods exports faced challenges, with electronics declining by 3.4 percent or 955 million dollars compared to 2022.

"This decline highlights the importance of diversifying export portfolios and enhancing competitiveness in key sectors," Pascual added. Enditem

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