exports

Electronic products had total earnings of $3.71 billion, which accounted for 59.2 percent of the total exports during the period.

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.

Only two sectors in the electronics industry posted positive growth rates: control and instrumentation; and automotive electronics.

The electronics sector, which accounts for over half of the country’s total merchandise exports, experienced a steep 18.8% decline in export value from January to May this year.