Philippine exports up by 4.2% in August 2023 — PSA

MANILA, Philippines — Philippine exports increased by 4.2% in August 2023, the Philippine Statistics Authority (PSA) reported on Tuesday.

According to the PSA, the country’s total export sales amounted to $6.70 billion or P380 billion, an increase from $6.43 billion or P365 billion in August 2022.

“The country’s total export sales in August 2023 amounted to $6.70 billion, indicating an annual increase of 4.2% from the $6.43 billion total exports in the same month of the previous year. In July 2023, the total exports recorded an annual decrease of 0.9%, while it posted an annual decline of 1.7% in August 2022,” the PSA reported.

The PSA attributed the increase of exports to the value of exports of electronic products worth $221.73 million or (P12.6 billion) which has the highest annual increase.

This is followed by cathodes and sections of cathodes of refined copper which earned the country an extra $127.92 million or P7.2 billion.

Gold sales also increased, earning the country an extra $78.24 million or P4.45 billion compared to the previous year.

However, the country’s year-to-date annual exports decreased by 6.6%, with $47.81 billion or P2.7 trillion from January to August 2023. This is lower than the $51.18 billion (P2.9 trillion) recorded in January to August 2022.

The country’s imports, meanwhile, shrank to 13.1%.

The PSA attributed the decrease in imports to electronic products which declined by $643.72 million or P36.6 billion from August 2022 figures.

This is followed by iron and steel, which declined by $258.84 million or P14.7 billion; mineral fuels, and lubricants that dropped by $135.13 million or P7,69 billion from last year's registered numbers.

East Asia has the highest import value

Among the regions importing in the Philippines, East Asia had the highest import value with the amount of $4.62 billion or P262 billion (42.6%) in August 2023.

This is followed by Southeast Asia with an import value amounting to $3.24 billion or P184 billion (29.9%) and Northern America at $851.88 million or P48 billion (7.9%).

The People’s Republic of China is the Philippines’ largest importer with a value of $2.43 billion (P138 billion) or  22.4% of the country’s total imports in August 2023.

China is followed by Indonesia with $977.16 million or P55 billion (9.0%); Japan, with $786.65 million or P44.7 billion (7.3%); Republic of Korea, $777.13 million or P44.2 billion (7.2%); and the USA, $751.74 million or P42.7 billion  (6.9%).

(Conversion: $1= P56.87)