PHILIPPINE ELECTRONICS EXPORT PERFORMANCE MARCH 2024
Electronics exports increased by 4.36% in March 2024 to US$ 3.87 billion, which is 63.12% of the US$ 6.13 billion in total Philippine exports.
A. PH Electronics Exports: (Month-on-Month)
Fig. 1: PH Electronics Exports (February 2024 vs March 2024)
Electronics exports went up from US$ 3.71 billion in February 2024 to US$ 3.87 billion in March 2024, as shown in Fig. 1.
Exports in four (4) sectors improved as shown in Table 2. This was led by Medical/Industrial Instrumentation at 31.75%, from US$ 27.15 million to US$ 35.77 million, followed by Consumer Electronics (28.28%), Control and Instrumentation (19.45%), and Semiconductor Components/Devices (5.68%).
Automotive Electronics declined by 19.41%, from US$ 6.29 million to US$ 5.07 million. This was followed by Telecommunication (9.92%), Communication/Radar (3.70%), Electronic Data Processing (3.09%), and Office Equipment (2.91%).
B. PH Electronics Exports: (Year-on-Year)
The Philippine Electronics exports went down by 1.05%, from US$ 3.91 billion in March 2023 to US$ 3.87 billion in March 2024, as shown in Fig. 2.
Exports in four (4) sectors contracted, led by Office Equipment at 23.00%, from US$ 29.07 million to US$ 22.38 million. This was followed by Telecommunication (12.78%), Communication/Radar (10.30%), and Semiconductor Components/Devices (0.18%).
Automotive Electronics rose by 65.10%, from US$ 3.07 million to US$ 5.07 million. It was followed by Medical/Industrial Instrumentation (54.02%), Electronic Data Processing (8.92%), Control and Instrumentation (3.59%), and Consumer Electronics (2.93%). Kindly refer to Table 2.
Fig. 2: PH Electronics Exports (March 2023 vs March 2024)
C. PH Electronics Exports (Year-to-Date)
Fig. 3: PH Electronics Exports (January – March 2023 vs. January – March 2024)
Year-to-date electronics exports increased by 11.10%, from US$ 10.20 billion in 2023 to US$ 11.33 billion in 2024, which is equivalent to 63.02% of the total Philippine exports. Please see Fig. 3.
Exports from six (6) sectors improved from last year’s YTD figures, led by Automotive Electronics at 78.71%, from US$ 9.21 million to US$ 16.46 million. This was followed by Medical Industrial Instrumentation (46.90%), Semiconductor Components/Devices (15.33%), Electronic Data Processing (12.64%), Control and Instrumentation (4.17%), and Communication/Radar (2.79%). Please see Table 3.
Meanwhile, Office Equipment exports decreased the most by 22.56%, from US$ 92.02 million to US$ 71.26 million. This was followed by Telecommunication (6.10%), and Consumer Electronics (1.89%).
COUNTRIES OF DESTINATION (MARCH 2024)
Table 1 shows the top five (5) export destinations in March 2024, namely, Hong Kong (20.43%), the USA (13.76%), China (10.82%), Japan (6.58%), and Singapore (5.74%). These were likewise the countries of destination in the same order in February 2024.
Table 1 shows the top five (5) export destinations in March 2024, namely, Hong Kong (20.43%), the USA (13.76%), China (10.82%), Japan (6.58%), and Singapore (5.74%). These were likewise the countries of destination in the same order in February 2024.
Table 1: Top 5 Destination Countries for Electronics
(February 2024 vs March 2024)
The other destinations in the top ten were Taiwan (5.07%), South Korea (4.48%), Germany (4.25%), the Netherlands (4.13%), and Vietnam (3.57%).
Fig. 4: Top Exported Products, March 2024
The top exported electronics products in March 2024 are in Fig. 4. Processors and controllers under Electronic Data Processing bound for Hong Kong rose by 40.84%. Meanwhile, Multi-component Integrated Circuits bound for the USA shrunk by 38.68%. 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
