SECTOR: Economy
SONA YEAR: 2022
Achieve 7% growth in exports
PROMISE STATUS - DATE: In progress as of 07/17/2023
- Data from the PSA show that the total export sales in 2022 amounted to $78.98 billion, reflecting an annual increase of only 5.7% (or $74.65 billion) from 2021. On the other hand, the total imports grew by 17.4% with $137.22 billion.
- For 2022, the total external trade amounted to $216.20 billion, an increase from $191.58 billion the previous year. The country’s trade deficit last year amounted to $58.24 billion, indicating a 38% increase from the previous year’s.
- PSA data for January to April 2023 shows a decline in the country’s export and import earnings. The PSA reported a decrease of 14.9% in the total export earnings, amounting to $21.77 billion compared to the $25.57 billion in January to April 2022. The total imports were also valued at $41.05 billion, representing a 6.7% decrease from the $43.98 billion in January to April 2022.
- PSA data also showed an annual decline in the country’s trade deficit for April 2023 at US$4.53 billion. It decreased by 14.9% from US$5.32 billion in April 2022.
- On June 6, Marcos approved the Philippine Export Development Plan for 2023 to 2028 and launched it on June 16. It aims to improve the country’s export industry, which, Trade Secretary Alfredo Pascual said, is “lagging behind” its neighboring countries. The plan outlines three strategic actions to develop the export clusters: address production constraints; develop a strong innovative export ecosystem; and increase the Philippines’ mindshare in the global market.