Philippines garment exports decline 18.5% to $336 million in H1 2023

Philippine exports of textile yarns and fabric fell short by 15.4 per cent to $126.80 million in January-June 2023, against the shipment of $149.80 million in the same period of the previous year. 

During June 2023, the exports slipped 20.1 per cent to $64.12 million against $80.20 million in the same month of the previous year. Textile yarn and fabric exports also eased 2.9 per cent to $24.92 million against $25.66 million. 

The imports of textile yarn, fabrics, and made-up articles came down 7.9 per cent to $634.73 million during January-June 2023 year on year from $688.93 million. The country imported cotton worth $8.50 million, which was 34.8 per cent lower than $13.03 million. However, the imports of synthetic fibres gained 18.6 per cent to $55.42 million from $46.71 million. 

The inbound shipment of textile yarn, fabrics, and made-up articles eased 10.1 per cent to $105.64 million in June 2023 against $117.46 million in June 2022. Cotton imports eased 24.3 per cent to $1.11 million from $1.46 million. But synthetic fibre imports increased 19.4 per cent to $9.76 million from $8.17 million. 

ALCHEMPro News Desk (KUL)