Department of Trade and Industry (DTI) Secretary Alfredo Pascual reported on July 14, the Philippine exports grew by 1.9% to USD6.44 billion from USD6.32 billion in May 2023.
This is based on preliminary data from the Philippine Statistics Authority (PSA).
For the month of May this year, the Philippines outpaced the export growth of Malaysia, Indonesia, Singapore, Thailand, and Vietnam.
According to Secretary Pascual, “The rebound in export sales for the first time since November last year could be attributed to the electronics exports which have picked up by 6.7% after plummeting since December last year. This makes us optimistic that the slump has bottomed out and we can expect for a sustained growth in electronics exports in line with our overall export growth target under the new Philippine Export Development Plan.”
Likewise, sub-sectors of the electronics industry recorded double digit growth rates in May, particularly semiconductor components and devices (15.91%), other electronics (34.53%), and consumer electronics (27.28%).
Quicker improvements in operating conditions across the country’s manufacturing sector were observed in May, supported by faster growth in both orders and output.
According to S&P Global Philippines, the country’s purchasing managers’ index (PMI) rose to 52.2 from 51.4 in April 2023.
“We hope to sustain the growth of our PMI as we prioritize addressing challenges to create a more stable and sustainable manufacturing industry, which we recognize as critical in order to increase the country’s competitiveness in the global market and maintain its position as a trusted supplier of goods,” Secretary Pascual added.
Further, 12 out of 48 Philippine export commodity groups continue to drive the resurgence of the country’s export sector, reflecting consistent increases in export sales compared to the previous four (4) periods: 2022, 2021, 2020, and pre-pandemic average from 2017-2019.
These export commodity groups include electronics, other mineral products, coconut oil, gold, copper concentrates, pineapple and pineapple products, travel goods and handbags, processed tropical fruits, seaweeds and carrageenan, Christmas decor, fertilizers, and nickel.
The electronics sector remains to be the Philippines’ biggest export, accounting for 57.5% of total exports in May 2023 with export sales value of USD3.7 billion.
This month’s top electronic exports are components/devices (semiconductors), electronic data processing, consumer electronics, and control and instrumentation. Electronic exports increased by USD231.53 million compared to the same period last year.
The Philippines’ top market from January to May 2023 remains to be China, with export valued at USD4.56 billion, followed closely by Japan at USD4.24 billion.
