DTI upbeat on Philippines export performance
Philstar Global
25 June 2024
MANILA, Philippines — The Department of Trade and Industry (DTI) has an optimistic outlook on the country’s export performance following the growth posted in the Philippines’ outbound shipments of goods in April.
Trade Secretary Alfredo Pascual said he is optimistic about the Philippines’ export performance after the country’s merchandise exports rose by 26.4 percent to $6.2 billion in April this year from $4.9 billion in the same month last year, based on preliminary data released by the Philippine Statistics Authority (PSA).
“The latest data on merchandise exports reflect our commitment to develop a strong and innovative export ecosystem that increases export scale and scope by improving backward and forward linkages, boosting participation in preferential trade agreements and providing institutional support,” Pascual said in a statement.
PSA data also showed the country’s merchandise exports in the January to April period of this year went up by 9.6 percent to reach $24.2 billion from $22.1 billion in the same period last year, showing the export industry’s resilience amid challenges in the global economy.
Electronic products, the country’s top exports, registered a 33.3 percent growth in April, reaching its highest level in the past decade.
Philippine exports of electronic products were valued at $3.57 billion in April this year, higher than the $2.68 billion in the same month a year ago.
Other commodity groups, which registered growth in exports in April this year are other manufactured goods, other mineral products, coconut oil, ignition wiring sets and other wiring sets used in vehicles, aircraft and ships, machinery and transport equipment, chemicals, gold and fresh bananas.
He said industry development involves expanding the country’s current export capabilities.
“These strategic actions define what we mean by an industry-development-centric approach to growing our export sector and guiding the programs we implement,” he said.
DTI-Export Marketing Bureau (EMB) director Bianca Pearl Sykimte said the agency has been stepping up efforts to make exporter services more accessible through digitalization and the conduct of more engagements in the regions.
“Export matching and information services of the Department will soon be accessible through digital platforms,” she said.
As part of efforts to increase the Philippines’ export share in the global market, the DTI recently partnered with QSweep Tech Services Corp. to promote Philippine exporters in the digital space through “PHX Source,” an online platform aimed at providing greater visibility and access to international markets.
Through the platform, exporters will be able to showcase their products and services, connect with potential buyers and partners and gain insights through real-time analytics.
DTI-EMB will be working with other trade and investment promotion offices in getting exporters on board the platform.
The DTI is also working with key export enablers to provide comprehensive support services to exporters through initiatives like the Usapang Exports sessions to discuss various export-related services and topics and provide export counseling.
In addition, initiatives are being undertaken to improve backward linkages by creating and linking supplier networks within the country to reduce import dependence and facilitate greater participation in global value chains.
In the area of services, the DTI said the creative industry is projected to grow by six to eight percent this year, with game development as a significant driver.
With the Philippines set to participate in the External Development Summit in Canada, an international event focused on external development for art, animation, audio, software engineering, quality assurance and localization to be held this September, the DTI expects opportunities to be made available to the country’s game development industry to expand its reach, establish new connections and showcase its capabilities.
Under the Philippine Export Development Plan (PEDP), the aim is for the Philippines’ total exports covering goods and services to reach $143.4 billion this year.
Last year, the country’s total exports rose by 4.8 percent to $103.6 billion from $98.8 billion in 2022, but fell short of the $126.8 billon goal for 2023 under the PEDP.
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