Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Demand recovery fails to materialize for electronics exporters

by
February 7, 2021
in Investing News
0
Demand recovery fails to materialize for electronics exporters
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter
A WORKER of Ayala Corp.’s Integrated Micro-Electronics, Inc. (IMI) is pictured at its electronics manufacturing assembly plant in Binan, Laguna, April 20, 2016. — REUTERS

By Jenina P. Ibanez, Reporter

THE decline in electronics exports last year exceeded industry projections after an anticipated rebound in demand failed to materialize.

Electronics exports fell 8.8% to $39.67 billion in 2020 from the revised $43.29 billion the previous year, data from the Philippine Statistics Authority showed.

Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Danilo C. Lachica said the accelerated recovery did not happen as expected after the decline exceeded the industry group’s projection of a 5% drop.

“Demand did not materialize,” he said in a mobile message last Monday.

Advertisement

SEIPI revised its projection to a 5% drop in November, basing the decline on the high cost of operations as firms shouldered employee transportation in response to coronavirus disease 2019 (COVID-19) restrictions.

The initial projection was a much steeper 20% contraction, but SEIPI had said that prospects were improving as demand for industrial, mobility, consumer, and medical electronics increased and the global economy began its recovery.

Shipments of electronic goods make up a bulk of Philippine total goods exports, accounting for 62% of the value of exports last year. SEIPI combines “electronics products” and “other electronics” in its assessments of government data.

Mr. Lachica said that he does not expect last year’s demand shortfall to have a significant effect on the 7% growth target this year.

Some companies, he said at an online meeting last week, expect to grow by as much as double digits this year. In a mobile message, Mr. Lachica indicated that automotive, commercial, communications, and medical electronics demand will drive growth.

“In terms of our export market destinations, the top ones are Hong Kong — as you know Hong Kong is a hub, and from there it goes to North America, China, and Europe. Next to Hong Kong, we have US, China, Japan, Singapore, and Germany,” he said.

Most imports come from China, Taiwan, Japan, Singapore, Korea, and the United States.

Electronics exports jumped by around 4% in 2019 after hardware demand for new technologies like 5G, wearable, Internet of Things, collaborative robots, and virtual reality drove up overall demand.

The pre-pandemic 2020 target was 5% growth.

Advertisement




ShareTweetPin

Related Posts

Alpine Villas: Your gateway to premier Swiss living
Investing News

Alpine Villas: Your gateway to premier Swiss living

May 21, 2022
Investing News

Australian firms looking to invest in mining, logistics — ambassador

May 20, 2022
Investing News

Huawei eyes young workforce as key to green innovation

May 20, 2022
Investing News

China cuts borrowing rate more than expected to revive housing sector

May 20, 2022
Investing News

Yellen says G7 to give Ukraine funds it needs ‘to get through this’

May 20, 2022
Investing News

‘Retail apocalypse’: Wall Street shaken by inflation-induced earnings hits

May 20, 2022
Next Post
Analysts’ expectations on monetary policy actions (Feb. 11)

Analysts' expectations on monetary policy actions (Feb. 11)

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

U.S. Supreme Court’s divisions in voting cases put spotlight on Barrett

October 27, 2020
Making art, doing good: creative enterprises making positive impact on communities

Making art, doing good: creative enterprises making positive impact on communities

February 5, 2021
Watch Now: Here’s What Will Move Markets This Week – August 16 (Video)

Watch Now: Here’s What Will Move Markets This Week – August 16 (Video)

August 16, 2020
Asian shares inch higher, new wave of infections a worry

Asian shares inch higher, new wave of infections a worry

May 11, 2020
Forex – Dollar in Demand; Euro Awaits Leaders Meeting

Forex – Dollar in Demand; Euro Awaits Leaders Meeting

April 21, 2020
U.S. early voting surges as Trump, Biden make late push

U.S. early voting surges as Trump, Biden make late push

November 1, 2020
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.