The robust upturn in the semiconductor industry supported the 15.7-percent growth in the country’s merchandise exports in February to $5.9 billion from $5.1 billion a year earlier, based on preliminary data from the Philippine Statistics Authority (PSA).
The positive momentum continued into the first two months of 2024, with total merchandise exports rising 12.3 percent to $11.8 billion from $10.5 billion in the same period last year.
Electronic products, which constitute nearly 63 percent of the country’s exports, expanded by 26.8 percent $3.4 billion in February 2024, according to the Department of Trade and Industry.
This growth was driven by the 31.9-percent increase in semiconductor exports, which reached $2.65 billion.
Global semiconductor sales also saw a significant 16.3-percent increase in February 2024, totaling $46.2 billion. The Semiconductor Industry Association noted this as the largest year-on-year growth since May 2022, projecting a continued market growth throughout the year.
“The robust export performance in February, following the year-on-year increase of 9.1 percent in the previous month, marks a promising start to the year for the Philippine export sector. The electronics sector is evidently recovering, even catching up with the export figures from two years ago,” said DTI Secretary Alfredo Pascual.
“We are hopeful that this growth momentum will be sustained in the coming months. We will continue to collaborate closely with the private sectors, government agencies, and development partners to improve the Philippines’ export environment and build on this export growth,” he said.