Philippine exports surpass 100 billion USD for first time (Photo: msn.com) Hanoi (VNA) – Philippineexports exceeded 100 billion USD for the first time in 2023, with a total of 103.6USD, a 4.8% increase from 2022, the Philippines' Department of Trade andIndustry (DTI) said on April 1.
Citing data from the Bangko Sentral ngPilipinas (BSP), the country's central bank, DTI Secretary Alfredo Pascual saidthat the strong performance of the information technology and business processmanagement sectors and a turn-around in tourism revenues drove the growth.
Due to enhanced travel connectivity andpromotional efforts, the Southeast Asian country recorded a surplus in tourismrevenues for the first time in 15 years, reaching 9.1 billion USD in 2023,more than doubling its 2022 level.
According to the DTI, much of the export growth was driven by a significantexpansion of 17.4% in the country's services exports, with travel servicescontributing nearly 70% of the incremental services export receipts in 2023.
However, weak external demand in the goodssector dampened exports' overall contribution to economic growth. In 2023,total exports accounted for 27% of the country's gross domestic product (GDP).
According to BSP data, goods exports faced challenges, withelectronics declining by 3.4% or 955 million USD compared to 2022.
The ministeracknowledged that this decline highlights the importance of diversifying exportportfolios and enhancing competitiveness in key sectors./.
