Philippine imports up 24% in January

Philippine imports rose by 23.9 percent in January 2011 to $5.31 billion from $4.28 billion in January 2010.

 The National Statistics Office (NSO) reported an 11.8 percent growth in exports to $4 billion from $3.5 billion in January 2010 with a trade deficit of $1.31 billion.

Total external trade in January 2011 reached $9.31 billion, up by 18.4 percent from $7.86 billion recorded during the same month in 2010.

Accounting for 34.6 percent of the aggregate import bill, payments for electronic products in January 2011 amounted to $1.83, up by 37.6 percent over last year’s $1.33 billion. 

Among the major groups of electronic products, semiconductors increased by 56.1 percent to $1.53 billion from $980.72 million.

Imports of mineral fuels in January 2011 ranked second with 17.3 percent share and posted an 11 percent growth to $919.26 million over the previous year’s level of $828.55 million.

Transport equipment was the country’s third top import for the month with 5.2 percent share to total imports valued at $273.37 million, down by 28.1 percent from previous year level of $380.17 million.

Industrial machinery and equipment, contributing 5.1 percent to the total import bill, was the  fourth top import for the month with payments placed at $270.29 million from last year’s $174.52 million, up by 54.9 percent.

Fifth in rank and with 2.8 percent share to the total imports, ores and metal scrap recorded $149.36 million worth of imports, higher by 66.2 percent from its year ago level of $89.89 million.

Imports of plastics registered $146.57 million, up by 69.4 percent from its year-ago level of $86.53 million.

Other top imports in January 2011 included chemicals, $137.14 million; iron and steel, $120.51 million; telecommunication equipment and electrical machinery, $109.72 million; and medicinal and pharmaceutical products, $81.38 million.