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The Department of Trade and Industry said Monday exports of goods and services hit a record $103.6 billion in 2023, up by 5.71 percent from $98 billion in 2022.
Export Management Bureau director Bianca Sykimte said the record figure was driven by the continued growth of the services sector. She said that while services were on an uptrend, goods exports faced challenges. Electronics exports declined 3.4 percent or $955 million to $922.43 million 2023.Lackluster demand for agricultural products resulted in a decline in merchandise exports. Declines on coconut products exports, other agro-based items, mineral products and petroleum affected the merchandise export performance, while fruits and vegetables showed an increase in demand.
Telecommunications, computer and information services and transport services contributed to the overall growth of services exports.
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