PH hits record-high $104B in goods and services exports in 2023

PH hits record-high $104B in goods and services exports in 2023 — MANILA INTERNATIONAL CONTAINER TERMINAL

MANILA – Despite global trade challenges, Philippine exports surpassed the USD100-billion mark in 2023. The outbound trade revenue figure is an all time high in the country’s history.

In a statement, the Department of Trade and Industry (DTI) said that based on the balance of payments (BOP) data of the Bangko Sentral ng Pilipinas (BSP), exports of goods and services actually reached US$103.6 billion. The figure is 4.8% higher than the US$98.8 billion recorded in 2022.

DTI Secretary Alfredo Pascual said this is the first time the Philippines breached the USD100-billion mark in export revenues. He shared that the strong exports last year was driven by services, especially the information technology and business process management (ITBPM) and tourism services.

Services exports rose 17.4% in 2023 to US$48.29 billion from US$41.12 billion in 2022. According to the Information Technology and Business Process Association of the Philippines (ITBPM), its 2023 revenues stood at US$35.5 billion, while government data showed that travel services reached US$9.1 billion last year.

On the other hand, exports of goods last year declined by 4.1% to US$55.32 billion from US$57.71 billion in 2022. The country’s top goods export alone, electronics, dipped by 3.4% or US$955 million in 2023 compared to its figure the previous year.

“This decline highlights the importance of diversifying export portfolios and enhancing competitiveness in key sectors,” the DTI pointed out.

“The path to global excellence and export growth requires shared ambition, where the government and the private sector must intensify and sustain collaborations. Our guideline is the Philippine Export Development Plan (PEDP) 2023-2028, which aims to address constraints to production, diversify and improve access to markets, and develop a strong and innovative export ecosystem,” Pascual explained.

Export revenues last year, however, were US$23.2 billion away from the US$126.8 billion PEDP target for 2023.

“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,” he added.

Pascual said the DTI continues to work with Philippine exporters and relevant stakeholders to address their concerns by developing programs and services that would help them thrive amid the challenges in the global trade arena.

“Each exporter counts, and through cooperation, we can open the door to a future in which Philippine exports can increase their mindshare in the global market, underpinned by global competitiveness and innovation,” Pascual stressed.