Electronics still country’s top import

Electronic products had the biggest share in the country’s imports for June, accounting for 24.8 percent or $1.697 billion of total receipts for the said month.

However, electronic imports fell by 15.8 percent from the $2.016 billion in June 2015, according to Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi).

Seipi president Dan Lachica said the decline was due largely to the 30-percent drop in the imports of one sector, the components/devices (semiconductors). This particular sector accounted for 68 percent or $1.154 billion of the industry’s total imports for June this year.

The growth in imports in eight other product categories, however, failed to offset the said drop.

Electronic imports managed to inch up by 1.09 percent from the $1.679 billion registered in May this year. Similarly, the growth in imports seen in the seven product categories has managed to only slightly offset the declines in two sectors.

Among the product categories that saw increases in imports in June compared to the previous month were office equipment, medical/industrial instrumentation, electronic data processing, automotive electronics, consumer electronics, control and instrumentation, components/devices (semiconductors). Sectors that saw a decline in imports were telecommunication and communication/radar, Lachica added.

Cumulatively, imports of electronic products grew 25.3 percent to $10.683 billion in the first six months of the year, from the $8.525 billion recorded a year ago.

According to Lachica, all nine product sectors saw increases compared to the same period last year.