Value of electronics exports rises 3.4%

MANILA, Philippines - Revenues from outbound shipments of electronic products continued to post growth in the first five months of the year.

In a statement, Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) president Dan Lachica said the value of electronics exports in the January to May period grew 3.41 percent to $9.69 billion from $9.37 billion in the comparable period last year.

“For five consecutive months, the cumulative exports were able to maintain its growth. Six out of nine sectors grew by a total of 387 percent whereas components/devices (semiconductors), telecommunication and automotive electronics decreased at 14 percent, 10 percent and 32 percent, respectively,” he said.

For the month of May alone, export receipts of electronic products slightly declined by 1.63 percent  to $2.05 billion from $2.08 billion in the same month last year.

Compared to the electronics exports value of $1.82 billion registered in April however, the May result climbed 12.69 percent.

Lachica said even with the five-month tally, SEIPI is still sticking to its five percent growth projection for electronics exports this year.

But while the SEIPI is keeping its forecast for now, the group may raise this within the quarter.

“It is still five percent for now but (the forecast) could go up in the third quarter,” Lachica said.

The upward revision will depend on the electronic exports result in the second quarter.

The country’s outbound shipments of electronic products declined 3.97 percent to $21.823 billion in 2013 from $22.725 billion the previous year.

The five percent growth projection for electronics exports this year is based on expectations of recovery in demand in the US and European markets.