Electronics imports seen to remain low

Electronics imports are expected to remain lower than year-ago levels until May this year, the Semiconductor and Electronics Industries of the Philippines Inc. (SEIPI) said.

The National Statistics Office reported last week a 38.7-percent contraction in electronics imports in March this year to $1.259 billion from $2.054 billion in March 2011.

SEIPI president Ernesto B. Santiago said in a phone interview that import levels in March, April and May 2011 would not likely be replicated in the corresponding months this year.

Santiago said electronics imports in those three months last year were higher than usual because manufacturers stocked up on parts and supplies following the earthquake and tsunami that hit Japan’s Tohoku region in March 2011.

The NSO reported Friday that total imports in March fell 3.3 percent to $5.371 billion from $5.553 billion a year ago. In February imports rose by 2.5 percent.

Month-on-month imports increased 7.5 percent from $4.996 billion in February. Imports for the first three months of the year went down by 1.5 percent to $15.501 billion in 2012 from $15.732 billion a year ago.

Cid L. Terosa of the University of Asia and the Pacific said via text message that the decline, although minimal, was surprising. “I believe the figures will improve after the first half. The export and import forecasts are still attainable. The world economy and world market will show better prospects after the first half,” he said.

Topping the list of the March imports were mineral fuels, lubricants and related materials, which amounted to $1.543 billion and registered the highest annual growth rate of 74.4 percent.

Electronics came second with $1.259 billion, down 38.7 percent from $2.054 billion in March 2011. Semiconductors had the biggest share of electronics imports, decreasing by 47.1 percent to $928.39 million from $1.755 billion.