The country's export performance could be headed for another record-high level this year, powered by the continued demand for semiconductors and services.

Sergio Ortiz-Luis Jr., president of the Philippine Exporters Confederation Inc. (Philexport), told The STAR the country's exports of goods and services could grow to $110 billion this year, a six percent improvement from 2023's output.

'We just hit $100 billion last year so personally, my good guess is $110 billion (for this year),' he said.

Ortiz-Luis said semiconductors are doing very well at present.

'Of course, the services sector is also doing well, and hopefully mining,' he said.

Philippine exports of goods and services surpassed the $100-billion mark for the first time in 2023, reaching an all-time high of $103.6 billion.

But while last year's total exports accelerated by 4.8 percent from $98.8 billion in 2022, it fell short of the $126.8 billion goal for 2023 set under the Philippine Export Development Plan (PEDP).

Despite the sustained exports growth seen this year, Ortiz-Luis said the $143.4-billion export goal this year set in the PEDP is 'impossible to achieve.'

He said this year's target for exports of goods and services may be reached in two years.

In 2023, merchandise exports declined by 4.1 percent to $55.32 billion from $57.71 billion in 2022, while services exports rose by 17.4 percent to $48.29 billion from $41.12 billion.

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