THE Philippines’ exports rebounded in May this year, the first time since November last year, amid an increase in electronics sales, the country’s top export, Trade Secretary Alfredo Pascual said.
Citing data from the Philippine Statistics Authority (PSA), Pascual on Friday, July 14, said exports in May stood at $6.44 billion, up 1.9% from $6.32 billion in the same month in 2022.
He said the Philippines’ May export growth exceeded that of Malaysia, Indonesia, Singapore, Thailand, and Vietnam.
“The rebound in export sales for the first time since November last year could be attributed to electronics exports, which have picked up by 6.7% after plummeting since December last year,” Pascual said.
He added: “This makes us optimistic that the slump has bottomed out and we can expect sustained growth in electronics exports in line with our overall export growth target under the new Philippine Export Development Plan.”
The sub-sectors of the electronics industry also recorded double-digit growth rates in May, particularly components and devices, or semiconductors, at 15.91%, other electronics at 34.53%, and consumer electronics at 27.28%.
Twelve out of 48 Philippine export commodity groups continue to drive the resurgence of the country’s export sector, namely 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 continues to be the Philippines’ biggest export, accounting for 57.5% of total exports in May with an export sales value of $3.7 billion, up $231.53 million year-on-year.
Pascual said the Philippines’ top market from January to May 2023 was China, with exports valued at $4.56 billion, followed by Japan at $4.24 billion. (GMA Integrated News)
