THE government chooses not to rest on its laurels and will continue efforts to boost exports amid the recent rebound in the country’s export growth in January, according to the Department of Trade and Industry (DTI).
Trade and Industry Officer in Charge Ceferino S. Rodolfo told reporters on Tuesday that the department welcomed the rebound in the country’s export performance in January 2024.
The country’s export earnings grew 9.1 percent in January, a rebound from the contraction of 0.5 percent in December 2023 and 10.6 percent in January 2023. Imports, meanwhile, contracted 7.6 percent, a deeper decline from the 3.5 percent posted in December 2023 and a reversal from the 4.2-percent growth in January 2023.
“We’re very happy that there has been a rebound. There has already been a rebound in our exports in particular driven by the electronics sector. But of course, we’re cognizant that headwinds continue in the global market so the need for collaboration continues on,” Rodolfo said.
Rodolfo said the government is looking at expanding exports in other sectors such as processed food. He also said the government continues to join expositions in other countries such as those in the Middle East.
The latest export data showed agriculture exports were topped by manufactured fertilizer, which posted a growth of 945.3 percent in January 2024. This is the fastest growth among all exported commodities.
This was followed by exports of Coconut Products which more than doubled or posted a growth of 181.5 percent; unmanufactured tobacco, 149.4 percent; and Other Fruits and Vegetables, 108.5 percent.
He added that representatives from the DTI and members of the local industry are now in the United States to explore opportunities in health information management systems.
“So hindi lang [it’s not just] electronics but we see opportunities [in other sectors],” Rodolfo stressed.
External trade
In January 2024, data from the Philippine Statistics Authority (PSA) said the country’s total external trade in goods declined by 2.1 percent to $16.09 billion from the $16.44 billion total external trade in the same period of the previous year.
In December 2023, PSA said total external trade in goods registered an annual decrease of 2.4 percent, while an annual decrease of 1.2 percent was recorded in January 2023.
“Of the total external trade in January 2024, 63.1 percent were imported goods, while the remaining were exported goods,” PSA said.
The country’s trade deficit also narrowed to $4.22 billion, indicating a trade deficit with an annual decrease of 24 percent. In December 2023, the trade deficit recorded an annual decline of 7.4 percent, while an annual increase of 24.1 percent was posted in January 2023.
The data also showed that in terms of exports, export sales in January 2024 increased to $5.94 billion from $5.44 billion in the same month of the previous year.
The commodity group with the highest annual increment in the value of exports in January 2024 was electronic products with $483.95 million.
This was followed by machinery and transport equipment with an annual increase of $37.76 million, and coconut oil with an annual increment of $29.25 million.
Meanwhile, PSA said total imported goods in January 2024 decreased to $10.16 billion from the $11-billion import value in the same month of the previous year.
In December 2023, import value recorded an annual decline of 3.5 percent, while it exhibited an annual increase of 4.2 percent in January 2023.
The commodity group with the highest annual decrease in the value of imported goods was mineral fuels, lubricants and related materials with $733.27 million.
This was followed by electronic products, which declined by $254.43 million, and metalliferous ores and metal scrap with an annual decrease of $103.87 million.