Electronics imports in February 2024 shrunk by 12.71% to US$ 1.92 billion, which is 20.09% of the country’s US$ 9.55 billion total commodity imports.
Fig.1: PH Electronics Imports (January 2024 vs February 2024)
The country’s electronics imports rose by 4.58% from US$ 2.10 billion in December 2023 to US$ 2.19 billion in January 2024. See Fig. 1. Imports in eight (8) electronics sectors increased. This was led by Communication/Radar at 41.16%, from US$ 12.84 million to US$ 18.12 million, followed by Office Equipment (35.35%), Control and Instrumentation (30.09%), Consumer Electronics (19.56%), Semiconductor Components/Devices (13.95%), Electronic Data Processing (11.70%), Telecommunication (8.45%), and Medical/Industrial Instrumentation (0.90%). Meanwhile, Automotive Electronics declined by 1.76%.
The electronics imports went down by 10.20%, from US$ 2.14 billion in February 2023 to US$ 1.92 billion in February 2024, as shown in Fig. 2.
Three (3) sectors shrunk, led by Office Equipment at 25.58%, from US$ 15.74 to US$ 11.72 million, as shown in Table 2. It was followed by Communication/Radar (22.46%), and Semiconductor Components/Devices (17.81%).
Six (6) sectors increased, namely, Automotive Electronics (75.10%), Consumer Electronics (41.60%), Electronic Data Processing (36.38%), Medical/Industrial Instrumentation (13.26%), Telecommunication (8.75%), and Control and Instrumentation (0.74%).
Fig. 2: PH Electronics Imports (February 2023 vs February 2024)
Fig. 3: PH Electronics Imports (January – February 2023 vs. January – February 2024)
Cumulative electronics imports declined by 10.16%, from US$ 4.58 billion in 2023 to US$ 4.12 billion in 2024. These comprised 20.71% of the total Philippine commodity imports YTD (See Fig. 3.).
Imports for three (3) electronics sectors contracted, led by Office Equipment (28.64%) from US$ 44.09 million to US$ 31.46 million. This was followed by Semiconductor Components/Devices (17.97%), and Communication/Radar (11.81%).
Meanwhile, Automotive Electronics went up by 86.14%, from US$ 7.03 million to US$ 13.09 million. It was followed by Consumer Electronics (36.82%), Medical/Industrial Instrumentation (27.73%), Electronic Data Processing (20.18%), Control and Instrumentation (15.07%), and Telecommunication (1.77%). Kindly refer to Table 3.
COUNTRIES OF DESTINATION (FEBRUARY 2024)
Table 1 shows that the top five (5) countries of origin of electronics imports in February 2024 were China (24.07%), Japan (13.87%), the USA (9.74%), South Korea (9.56%), and Singapore (8.03%).
Table 1: Top 5 Countries of Origin for Electronics Imports (January 2024 vs February 2024)
The rest of the top ten countries of origin were Hong Kong (7.52%), Taiwan (7.05%), Malaysia (4.30%), Thailand (3.62%), and Germany (2.25%).
Fig. 4: Top Imported Products, February 2024
Fig. 4 shows the top imported electronics products in February 2024. Dice and wafers imported from South Korea increased by 30.08%. Meanwhile, materials and accessories for the manufacture of semiconductor devices imported from South Korea decreased by 33.42%. See Table 3.
Table 2: PH Electronics Imports Product by Sector (Month-on-Month and Year-on-Year)
Table 3: PH Electronics Imports Product by Sector (Year-to-date)
Table 4: PH Top Electronics Import Products and Countries of Destination
