Exports of electronic products shrank 7.6 percent to $36.98 billion last year even as most other export sectors contracted by double-digits due to the closure of international borders and weaker consumer spending globally, no thanks to COVID-19 lockdowns.
Also, the Philippines, Thailand and Vietnam usually processed imported intermediate inputs, which they later on reexported “with scant value addition,” Moody’s Analytics said. “More recently, the region has emerged as a critical location for the assembly and processing of consumer electronics. These span from cell phones in Vietnam to personal computers in Thailand and household electronic appliances in Thailand, the Philippines and Indonesia,” it added.Moody’s Analytics said the Philippines, Malaysia, Thailand and Vietnam would likely lead further growth and diversification of the electronics industry in the region.
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