Exports of electronic products continued to be the Philippines’ top export in May 2021 with total earnings of $3.43 billion which accounted for 58.2 percent of the total exports during the period.
The Philippine Statistics Authority (PSA) said exports of electronic products rose by 25.4 percent compared to the same period in May 2020, while imports of electronic products increased by 30.8 percent.
Most of the country’s imported goods were electronic products valued at $2.39 billion which accounted for 27.7 percent to the total imports in May 2021, followed by mineral fuels and lubricants valued at $973,5 million and transport equipment which amounted to $585 million.
China was the country’s biggest supplier of imported goods valued at $2.2 billion or 25.6 percent of the total imports in May 2021, followed by Japan ($758.9 million), South Korea ($601 million), Indonesia ($601 million) and USA ($584 million).
By economic bloc, APEC-member countries were the biggest suppliers of the country’s import goods with a share of $7.53 billion or 87.1 percent of the total imports, followed by East Asia ($4.28 billion and ASEAN ($2.4 billion).
The country’s total export earnings in May 2021 posted a 29.8 percent increase compared to May 2020 which declined by 26.7 percent.
Ironically, manufacturing activities in the computer and electronics industry slowed down to 96 percent in May 2021 from 108.3 percent in April this year.
Data released by the PSA showed that the value of production index of the computer and electronics industry also dropped to 50.2 percent in May 2021 from 64.8 percent in April.
The PSA noted that the value of net sales index of the computer and electronics sector decelerated to 60.3 percent in May from 108.8 percent in April, while the volume of net sales index dropped to 109.2 percent in May from 163.8 percent in April this year.
However, the PSA says the overall value of production index for the domestic manufacturing sector continued to accelerate at an annual rate of 249.5 percent in May 2021 from the previous month’s 145.5 percent.
The upward trend in the value of production index for the manufacturing sector was attributed to the sharp increases in most of the 18 industry divisions that registered positive annual growth rates. The top contributor was the manufacture of refined petroleum products with a 1,472.7 percent annual growth.