The electronics sector in the Asia Pacific region is expected to have a strong global demand this year, with the Philippines already seeing some improvements.
In its weekly economic report, market intelligence firm IHS Markit said global demand for electronic products would bounce back strong this year after a challenging 2020.
This as global economic recovery will improve throughout the year with the rollout of COVID-19 vaccines.
IHS Markit AsPac chief economist Rajiv Biswas said, “In the first quarter of 2021, global electronics demand has rebounded significantly from the lows of the first half of 2020 when lockdowns disrupted production and consumer spending.”
Last year, Asian electronic production suffered severe supply disruptions and slumping global demand due to the pandemic and lockdowns.
The electronics manufacturing industry is an important part of the manufacturing export sector for many Asian economies.