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Electronics continue to be the Philippines’ top export in May 2021

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Electronic products are still the Philippines’ top export this year.

A report from the Department of Trade and Industry – Export Marketing Bureau (DTI-EMB) shows that electronics export for May 2021 was worth 3.43 billion or 58.2% of the total exports on the said period.

As per the Philippine Statistics Authority (PSA), electronic product exports grew by 25.4% compared to the same period last year. Meanwhile, electronic imports also increased by 30.8%.

The majority of the imported goods were electronic products that have a total value of USD2.39 billion or 27.7% of the total imports in May 2021. It’s followed by mineral fuels and lubricants worth USD973.5 million and transport equipment worth USD585 million.

The top supplier of imported products was China, which brought in USD2.2 billion worth of goods, or 25.6% of the total imports in May of 2021. They are followed by Japan with USD758.9 million, South Korea with USD601 million, Indonesia with USD601 million, and the United States with USD584 million.

Going back to exports, the Philippines’s earnings grew to 29.8% versus 26.7% in May 2020. Although, the manufacturing activities of electronic products actually dropped to 96% this year, compared to 108.3% in April 2020.

PSA’s data also reveals that the value of the production index of the electronics and computer industry dropped to 50.2% in May 2021 from 64.8% in April.

The agency notes that the value of the net sales index for the said sector slowed down to 60.3% in May from 108.8% in April. Meanwhile, the net sales index volume dropped to 109.2% in May from 163.8% of the month before.

On the upside, PSA claims that the total value of the production index for the domestic manufacturing sector is accelerating continually at a yearly rate of 249.5% in May 2021 from April’s 145.5%.

Via: Manila Bulletin

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