THE value of electronics exports in the first 10 months of the year rose 5.20% to $31.71 billion, with the industry maintaining its place as the Philippines’ biggest source of merchandise exports.
According to the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI), the 10-month exports reflected gains by six of the nine product categories.
Of the nine electronic product categories, six posted gains during the period, led by consumer electronics which rose 91.08% to $514.87 million.
Other categories that posted gains during the period were office equipment (34.02%); automotive electronics (23.07%), controls and instrumentation (13.24%); electronic data processing (8.19%); and components/devices or semiconductors (3.61%).
Posting declines were the communication/radar, medical/industrial instrumentation and telecommunications categories, which fell 17.76%, 13.24% and 10.42% respectively.
The industry accounted for 53.17% of the $6.11 billion of total Philippine exports in October.
Electronics shipments during the month rose 0.62% from a year earlier.
However, electronics exports declined 2.76% compared with September, with five of the nine product categories posting declines.
Hong Kong was the biggest market for Philippine electronics in October, accounting for 20.29% of exports. This was followed by the United States (14.26%) and China (13.40%).
The growth rate in the 10 months lags the 6% SEIPI target for export revenue growth for 2018.
The group has expressed confidence it will hit this year’s goal, citing positive spillover effects deriving from the trade tensions between China and the United States, two of its top markets.
According to the Philippine Statistics Authority, exports of electronics products in 2017 rose 11% to $32.7 billion, accounting for slightly more than half of total merchandise export sales.
Under its five-year road map, SEIPI hopes to boost electronics exports to $40 billion in 2025 and $50 billion in 2030. — Janina C. Lim