Also, it is a 13.13 % decrease when compared to the value recorded in September 2023, the EDB says.

The decline in merchandise exports is due to decreased demand for export products, particularly in sectors such as Apparel and Textiles, Rubber & Rubber-based products, and Coconut and Coconut-based products.

Meanwhile, the export earnings from Food & Beverages have increased by 20.77 % y-o-y to US$ 36.86 Million in October 2023, with the strong performance in exports of Processed Food, according to the EDB.

Export earnings from Seafood increased by 3.73 % to US$ 20.29 Mn in October 2023 compared to October 2022. This increase was mainly due to the strong performance in export of Frozen fish (5.21 %) and Fresh fish (13.78 %).