MANILA, Philippines - Semiconductor and electronics products remain the country’s top imported commodity, the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) said.
SEIPI president Dan Lachica said in a statement that for the month of October, semiconductor and electronics products accounted for 26 percent of the country’s total imports.
The electronics imports were valued at $1.2 billion in October 2013, down 7.31 percent compared to the same month in 2012.
“Semiconductors, telecommunication and consumer electronics posted a negative growth rate of almost 42 percent,†Lachica said.
For the January to October period in 2013, electronic imports were valued at $13.1 billion, 4.2 percent lower than the $13.6 billion in the same period in 2012.
“The negative growth resulted from the decrease of the following electronic products – semiconductors, having the biggest share among the major groups, telecommunication, consumer and automotive electronics,†Lachica said.
The top source of electronics products imported by the Philippines was the US, which had an 18 percent share.
This was followed by Taiwan (13 percent), Japan (12 percent), Singapore (11 percent), and China (nine percent).
Other sources were Germany (eight percent), Republic of Korea (six percent), Malaysia (five percent), Thailand (four percent) and Hong Kong (four percent).
Electronics products are also the country’s top export. Revenues from outbound shipments of electronic products rose 13.4 percent to $2.158 billion in October from $1.903 billion registered in the same month in 2012.
For the January to October period, the value of exports of electronic products, however, declined 7.72 percent to $17.971 billion from $19.474 billion in the comparable period a year ago.