A view of Manila’s port. (Reuters Photo)

DTI SEES SUSTAINED GROWTH: Merchandise exports expand 26.4% in April

June 24, 2024

The Department of Trade and Industry (DTI) has rolled out several initiatives that would ensure the resiliency of Philippine exports, after goods shipments expanded 26.4 percent in April from the same month in 2023.

This lifted cumulative merchandise exports for the first four months of the year by 9.6 percent to $24.2 billion compared to $22.1 billion in the same period last year.

Electronics exports, a key driver of this growth, saw an impressive 33.3 percent expansion in April, reaching the highest level in the past decade. Top-performing categories within this sector included semiconductors, electronic data processing, telecommunications, consumer electronics and automotive electronics.

“We have been intensifying our efforts to make exporter services more accessible by digitalizing our services and by conducting more engagements in the regions. Export matching and information services of the Department will soon be accessible through digital platforms,” said Bianca Sykimte, DTI-Export Marketing Bureau director.

Sykimte said the DTI recently partnered with QSweep Tech Services Corp. to promote Philippine exporters in the digital space through PHX Source, an online platform designed to provide greater visibility and access to international markets for Philippine exporters.

This platform will enable exporters to showcase their products and services, connect with potential buyers and partners, and gain valuable insights through real-time analytics.

Sykimte said the DTI is also collaborating with key export enablers to provide comprehensive support services to exporters. These include initiatives like the Usapang Exports sessions, designed to educate exporters on various export-related services and topics.

Sykimte noted ongoing initiatives to improve backward linkages by creating and linking supplier networks within the country. This strategy aims to reduce import dependence and facilitate greater participation in global value chains, either as direct or indirect exporters.

The Philippines is actively engaged in the Comprehensive Economic Partnership Agreement negotiations with the United Arab Emirates. This agreement will operationalize the Philippines’ trade strategy to enter new markets as contained in the Philippine Development Plan 2023-2028 and the Philippine Export Development Plan 2023-2028.

Sykimte said the DTI’s strategic initiatives across multiple industries are supported by the Tatak Pinoy Program and the Malikhaing Pinoy Program.

Oher commodity groups also recorded notable growth in April 2024, including 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.

Source: https://malaya.com.ph/news_business/dti-sees-sustained-growth-merchandise-exports-expand-26-4-in-april/