The National Economic and Development Authority (NEDA) said the Philippines remains the leading country globally in terms of having the most technology exports as a percentage of total trade particularly in computers, scientific instruments, and electrical machinery.
Philippine merchandise exports surged by 15.7% in February 2024, recording $ 5.9 billion compared to $ 5.1 billion over a year earlier, based on preliminary data from the Philippine Statistics Authority (PSA).
Philippine services exports emerged as a powerhouse, with the sector experiencing a significant expansion of 17.4%, driving much of the overall export growth.
The manufacture of computer, electronic, and optical products also slowed down in February with its value of production index declining by 10.9 percent.
The electronics sector remains to be the Philippines' top export, accounting for 66.3% of total exports during the period with export sales value of $5.1 billion.
Electronic products continued to be the Philippines’ top export in August 2022 with total earnings of $3.66 billion which accounted for 57.1 percent of the total exports during the period followed by other manufactured goods valued at $341.32 million, according to Philippine Statistics Authority (PSA).
However, most of the imported goods in August 2021 were also electronic products with an import value of $2.80 billion which accounted for 27.9 percent to the total imports.
Interestingly, manufacturing activities in the computer and electronics industry slowed down to 96 percent in May 2021 from 108.3 percent in April this year.
The Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) has revised slightly upwards its industry growth outlook for this year but is still in negative territory to reflect the impact of the Covid-19 pandemic.