[image credit: Export Development Council via iNFORMS (EDC eNewsletter)]
The Philippines achieved a historic milestone in 2023 as the total exports of goods and services reached USD103.6 billion, marking a remarkable 4.8% increase from the recorded export performance of USD98.83 billion in 2022. However, this fell short of USD23.2 billion below the 2023 target outlined in the Philippine Export Development Plan (PEDP).Â
Director of the Export Marketing Bureau (EMB) and concurrent Executive Director of the Export Development Council (EDC) Bianca Pearl Sykimte 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%.Â
In 2023 figures, the total export goods amounted to USD55.32 billion, while services exports reached USD48.29 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 USD955 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.
Furthermore, 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.
