Exports hit record $103.6 billion in 2023: DTI | ABS-CBN
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Exports hit record $103.6 billion in 2023: DTI
ABS-CBN News
Published Apr 01, 2024 05:46 PM PHT
MANILA -- Philippine exports hit a record $103.6 billion in 2023.
MANILA -- Philippine exports hit a record $103.6 billion in 2023.
The Department of Trade and Industry (DTI) said the value of full-year exports of goods and services was up 4.8 percent from 2022.
The Department of Trade and Industry (DTI) said the value of full-year exports of goods and services was up 4.8 percent from 2022.
The information technology-business process management (IT-BPM) and tourism sectors were the main drivers of growth, the DTI said.
The information technology-business process management (IT-BPM) and tourism sectors were the main drivers of growth, the DTI said.
Travel services contributed $9.1 billion to the economy in 2023, while services exports grew by 17.4 percent, contributing 13 percent to the gross domestic product.
Travel services contributed $9.1 billion to the economy in 2023, while services exports grew by 17.4 percent, contributing 13 percent to the gross domestic product.
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The trade department admits there remain some challenges in the global market, noting that the overall contribution of exports to economic growth was dampened by weak external demand for goods.
The trade department admits there remain some challenges in the global market, noting that the overall contribution of exports to economic growth was dampened by weak external demand for goods.
But it assured exporters of continued efforts to address their concerns and help make businesses more competitive, such as expanding the services industry's reach by entering new markets.
But it assured exporters of continued efforts to address their concerns and help make businesses more competitive, such as expanding the services industry's reach by entering new markets.
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