Philippine Electronics Exports Increase by 4.6% in September Amid Global Economic Challenges

MANILA — The Philippines recorded a growth in electronics exports in September 2023, as indicated by the latest data from the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI).

According to Philippines News Agency, SEIPI president Dan Lachica, electronic goods exports witnessed a 4.6 percent rise month-on-month, totaling USD4.4 billion in September, up from USD4.21 billion in August. The sector’s share of the total Philippine merchandise exports for the month also increased to 65.44 percent, a climb from 62.78 percent. Despite the monthly increase, the year-on-year and year-to-date figures showed a decline. When compared to September 2022’s USD4.85 billion, there was a 9.13 percent decrease. Moreover, the January to September 2023 exports, totaling USD33.75 billion, also fell by 4.37 percent against the same period in the previous year. Lachica, in an interview, attributed the downturn to the current global economic and geopolitical tensions affecting international electronic goods trade. Despite these headwinds, he forecasted a positive outlook for the fourth quarter, considering a flat growth projection in the context of the broader challenges. The electronics sector, with USD49 billion in exports for 2022, remains the country’s largest commodity export.