Philippine exports hit $103.6 billion in 2023, exceeding $100 billion for the first time and a 4.8% increase from 2022, the country's Department of Trade and Industry (DTI) said on 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 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% in the country's services exports, with travel services contributing nearly 70% 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% of the country's gross domestic product (GDP).
According to BSP data, goods exports faced challenges, with electronics declining by 3.4% or $955 million compared to 2022.
The minister acknowledged that this decline highlights the importance of diversifying export portfolios and enhancing competitiveness in key sectors.