Trade performance continued positively in Q2 2023. Total exports increased by 6.2% to P23.14 billion in Q2 2023, up from (a relatively poor) P21.79 billion in Q1. Total imports fell during the quarter, by 1.3% to P19.96 billion, down from P20.23 in Q1. The changes were mainly driven by diamonds, with higher exports in Q2 than in Q1 and lower diamond imports. The greater value of exports compared to imports resulted in a trade surplus of P3.17 billion in Q2 2023, significantly increasing from a surplus of P1.56 billion registered in Q1 2023. Notwithstanding the improvement in exports, they remain well below the record figures of well over P25 billion achieved in each of the first three quarters of 2022.