Despite the disasters in Japan earlier this year, Philippine exports to Japan grew by 11.3% in the first half of the year to close to $4.2 billion.
This represents a rise from $3.7 billion in the same period last year.
The impact of the Japanese earthquake on March 11th this year was felt particularly hard by Japan, which shipped 3.5% less goods to the Philippines during the same period, according to data from the Japan External Trade Organisation.
Despite the drop in Japan’s exports to the country in the first six months, it still managed to post a trade surplus of $942.5 million.
Adrian Cristobal Jr, trade undersecretary, stated that “Electronics companies with operations near the epicenter of the quake where buildings and equipment were damaged are expected to restore full shipments by early September, coinciding with the peak season for electronics and semiconductor sales during the third quarter,” he said.
Japan has long been one of the country’s top trading partners, particularly for semiconductors and electronics, which account for more than half of the country’s merchandise exports.
When the earthquake hit Japan on the 11th of March, the effects were obviously devastating for the country as a whole.
For the electronics industry specifically, the long term damage could have been particularly bad given the amount of equipment such as connectors and components which the country produces.
It appears now though, that things were not as bad as they were originally feared to be.
Even though it would normally be considered a negative sign, excessive industry served as a real boost for the global semiconductor industry in the first quarter of this year.
The level of inventory helped to alleviate the damage done by the Japanese earthquake which hit the country, and the electronics industry, so hard in February of this year.
The shortage of basic components such as semiconductors was not nearly as bad as it could have been.
The statistics show that the days of inventory (DOI) among chip suppliers stood at an estimated 80.3 days at the end of the first quarter in 2011. This was up by 1.1% from the 79.4 days in the final quarter of 2010, and it was also an increase of 9.1 days from the same period in 2010.
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