Exports of goods and services grew year-on-year by 7.5 percent in the first quarter of 2024. (Figure 8)

The increase was both from Exports of goods which grew by 5.8 percent and Exports of services which expanded by 8.9 percent.

The following commodities that contributed the most to the increase of Exports of goods were: Components/devices (semiconductors), 19.8 percent; Electronic data processing, 16.4 percent; Chemicals, 16.2 percent; Tuna, 42.7 percent; and Bananas (fresh), 11.9 percent.

Contributing to the growth of Exports of services were the following: Business services, 9.4 percent; Travel, 14.5 percent; Telecommunications, computer and information services, 6.8 percent; Transport, 8.2 percent; and Manufacturing services on physical inputs owned by others, 1.7 percent.

Figure 8. Exports of Goods and Services,
Q1 2021 to Q1 2024 Growth Rates,
At Constant 2018 Prices 

Source: Philippine Statistics Authority