Home Economy Philippines Achieves Record-Breaking $104 Billion in Export Revenues in 2023

Philippines Achieves Record-Breaking $104 Billion in Export Revenues in 2023

MANILA - The Philippines set a new milestone in its trade history by reaching over USD 100 billion in export revenues in 2023, despite facing global trade hurdles.

According to Philippine News Agency, data from the Bangko Sentral ng Pilipinas (BSP) show that the nation's exports of goods and services totaled USD 103.6 billion, marking a significant increase from the previous year.

The DTI highlighted that this achievement represents the first occasion the Philippines' export revenues have crossed the USD 100 billion threshold, with a noted 4.8 percent growth over 2022's USD 98.8 billion. Services exports, particularly from the information technology and business process management (ITBPM) sector and tourism, were key drivers of this growth, experiencing a 17.4 percent rise to USD 48.29 billion in 2023.

Despite the overall positive trend, the exports of goods faced a downturn, contracting by 4.1 percent to USD 55.32 billion, impacted by a decline in electronics exports. The DTI underscored the need for diversifying export products and enhancing sector competitiveness to sustain growth and mitigate such declines.

In response to these results and the gaps to the ambitious Philippine Export Development Plan (PEDP) 2023-2028 target, DTI Secretary Alfredo Pascual emphasized the commitment to advancing export sector strategies, fostering government-private sector partnerships, and improving the national export framework to enhance global trade presence and innovation.

The department remains dedicated to supporting Filipino exporters through tailored programs and initiatives aimed at bolstering their market positions and addressing challenges in the international trading arena.