DOT reports net trade surplus of $2.45B

MANILA, Philippines — The Department of Tourism on Tuesday said it has recorded a net trade surplus of $2.45 billion, which helped the country post more than $100 billion in export of goods and services in 2023.

According to the DOT, having a trade surplus means spending by international travelers to the Philippines is greater than what Filipinos spend overseas.

Citing the Bangko Sentral ng Pilipinas’ (BSP) preliminary full-year data for 2023, the DOT said the Philippines breached the $100-billion mark in export of goods and services, with $2.45 billion in net trade surplus in travel services.

READ: PH exports of goods, services breached $100B in 2023

Travel services export receipts also reached $9.1 billion, double the number in 2022 and accounts for 93.2 percent of 2019’s travel export receipts level.

READ: Over 1.2 million int’l visitors arrived in first two months of 2024 — DOT

“The BSP report also revealed that travel services in 2023 contributed an impressive 18.9 percent share to the country’s total service exports of $48.28 billion,” the DOT said in a statement.

Strong BPO, tourism revenues

“The BSP attributed the growth (of services exports) to the ‘strong performance of the information technology and business process management (IT-BPM) sectors and a turn-around in tourism revenues’,” it added.

For Tourism Secretary Christina Frasco, the BSP report shows an “optimistic tone” for the DOT and tourism stakeholders.

She attributed the development to the collective efforts and dedication of stakeholders in placing the Philippines as a tourism powerhouse in Asia.

“As we continue to work towards achieving our targets for 2024 and the years to come, we endeavor to cement tourism’s position as a major economic pillar for the country,” Frasco assured the public.

READ: Recovering tourism industry exceeds target, draws over 5.5 million visitors in 2023

“We count on the continued support of our partners in the public and the private sectors in delivering our strategies under the approved National Tourism Development Plan (NTDP) 2023 to 2028, and as far as fulfilling the DOT’s mandate on tourism promotions go, to be able to diversify the country’s tourism product portfolio to cater to more market segments and to highlight offerings, going beyond the already established tourism offerings and places, increasing accessibility to these destinations, and celebrating with our tourists the many reasons to Love the Philippines,” she added.

In 2023, the country recorded a total of 5.45 million international travelers, breaching its target of 4.8 million.