PHILIPPINE ELECTRONICS EXPORT PERFORMANCE FEBRUARY 2024
Electronics exports decreased by 1.17% in February 2024 to US$ 3.71 billion, which is 62.78% of the US$ 5.91 billion in total Philippine exports.
A. PH Electronics Exports: (Month-on-Month)
Fig. 1: PH Electronics Exports (January 2024 vs February 2024)
Electronics exports shrunk from US$ 3.75 billion in January 2024 to US$ 3.71 billion in February 2024, as shown in Fig. 1.
Exports in five (5) contracted as shown in Table 2. This was led by Medical/Industrial Instrumentation at 12.62%, from US$ 30.95 million to US$ 27.05 million, followed by Office Equipment (10.67%), Communication/Radar (8.92%), Control and Instrumentation (3.38%), Semiconductor Components/Devices (2.14%).
Meanwhile, Consumer Electronics improved by 21.95%, from US$ 72.65 to US$ 88.59. It was followed by Automotive Electronics (12.76%), Electronic Data Processing (4.60%), and Telecommunication (1.85%).
B. PH Electronics Exports: (Year-on-Year)
The Philippine Electronics exports increased by 22.45%, from US$ 3.03 billion in February 2023 to US$ 3.71 billion in February 2024, as shown in Fig. 2.
Exports in seven (7) sectors went up, led by Automotive Electronics at 87.30%, from US$ 3.07 million to US$ 5.74 million. It was followed by Medical/Industrial Instrumentation (33.47%), Semiconductor Components/Devices (31.87%), Electronic Data Processing (23.07%), Telecommunication (22.13%), Control and Instrumentation (5.16%), and Communication/Radar (0.60%).
Office Equipment declined at 40.28%, from US$ 38.63 million to US$ 23.07 million. This was followed by Consumer Electronics (9.37%). Kindly refer to Table 2.
Fig. 2: PH Electronics Exports (February 2023 vs February 2024)
PH Electronics Exports (Year-to-Date)
Fig. 3: PH Electronics Exports (January – February 2023 vs. January – February 2024)
Year-to-date electronics exports improved by 18.67%, from US$ 6.29 billion in 2023 to US$ 7.46 billion in 2024, which is equivalent to 62.98% of the total Philippine exports. Please see Fig. 3.
Exports from six (6) sectors rose from last year’s YTD figures, led by Automotive Electronics at 76.59%, from US$ 6.14 million to US$ 10.84 million. This was followed by Medical Industrial Instrumentation (42.59%), Semiconductor Components/Devices (25.50%), Electronic Data Processing (14.04%), Communication Radar (7.81%), and Control and Instrumentation (4.42%). Please see Table 3.
Office equipment exports shrunk the most by 22.33%, from US$ 194.88 million to US$ 285.61 million. This was followed by Consumer Electronics (2.72%), and Telecommunication (0.29%).
COUNTRIES OF DESTINATION (FEBRUARY 2024)
Table 1 shows the top five (5) export destinations in February 2024, namely, Hong Kong (18.82%), the USA (14.37%), China (9.46%), Japan (6.70%), and Singapore (5.51%).
Table 1: Top 5 Destination Countries for Electronics Exports
(January 2024 vs February 2024)
The other destinations in the top ten were Taiwan (5.15%), Germany (4.46%), the Netherlands (4.39%), South Korea (4.25%), and Thailand (3.66%).
Fig. 4: Top Exported Products, February 2024
The top exported electronics products in February 2024 are in Fig. 4. Integrated Circuits bound for China rose by 83.14%. Meanwhile, multi-component Integrated Circuits bound for the Netherlands contracted by 24.23%. See Table 4.
Table 2: PH Electronics Exports Product by Sector (Month-on-Month and Year-on-Year)
Table 3: PH Top Electronics Export Products by Sector (Year-to-date)
Table 4: PH Top Electronics Export Products and Countries of Destination
