A trade association of electronics makers and exporters in the Philippines has revised its export target for 2023, projecting that it will remain flat due to global headwinds and weakened industry performance.
The Semiconductor and Electronics Industries in the Philippines Foundation Inc (Seipi) announced on Wednesday that it has adjusted its export growth target for this year from 5 percent to zero, based on the export numbers from January to June.
Seipi President Danilo C. Lachica explained that the electronics exports have been severely affected in the past quarter, with a 15 percent decline compared to the previous year. Geopolitical and trade conflicts, particularly involving the United States, have contributed to the slowdown.
Lachica also mentioned the challenges posed by the global recession and the Ukraine-Russia conflict in June.
According to SEIPI’s records, electronics exports dropped by 6.99 percent during the first half of the year, from $22.78 billion to $21.19 billion.
Despite the decline, Lachica remains hopeful that the industry will recover through increased demand during the holiday season. The majority of their products are shipped to Asian economies, with China and Hong Kong being the largest volume recipients.
SEIPI reported that the Philippines’ total electronics exports reached $49.09 billion in 2022, a 6.88 percent growth compared to the previous year.
The electronics industry not only contributes to the country’s exports but also provides employment for over three million Filipinos.
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