Philippine’s total imports grew by 12.2 percent to $50.5 billion in the first 10 months of the year compared to $45 billion posted during the same period in 2010.
The National Statistics Office (NSO) reported that total merchandise imports for October 2011 posted a modest growth of 2.3 percent to $5 billion from $4.9 billion in 2010.
Total trade for October 2011 grew by 6 percent to $9.1 billion from $9.6 billion in October 2010. Thus, the balance of trade in goods (BOT-G) registered a deficit of $932 million, higher than last year’s deficit at $116 million.
Import bill for electronic products in October 2011 dropped by 20 percent to $1.23 billion from $1.54 billion registered in October 2010.
Among the major groups of electronic products, semiconductors having the biggest share at 17.6 percent, also contracted by 27.4 percent from $1.220 billion last year to $885.55 million in October 2011.
Imports of mineral fuels and lubricants rose by 28.4 percent to $1.15 billion from $902.82 million last year.
Transport equipment registered as the country’s third top import for the month with 6.7 percent share to total imports and valued at $337.49 million, down by 9.1 percent from $371.32 million posted a year ago.
Industrial machinery and equipment contributing 5.3 percent to the total import bill was the country’s fourth top import for the month with payments placed at $267.20 million, an annual growth of 13.4 percent from last year’s $235.60 million.
Fifth in rank and with a 2.6 percent share to total imports was iron and steel amounting to $132.89 million; higher by 38.6 percent from its year ago level of $95.89 million.
Imports of plastics registered $123.77 million, up by 2.2 percent from last year’s record of $121.09 million.
Other top imports for October 2011 were chemicals valued at $122.39 million (2.4%); telecommunication equipment and electrical machinery amounted to $98.90 million (2.0%); cereals registering the highest positive annual growth of 68 percent in October 2011 to $84.94 million (1.7%); and medicinal and pharmaceutical products, $78.25 million (1.6%).