Imports rise to 5-month high

Business World

PHILIPPINE IMPORTS rose by an annual 28.4% in October, the highest since May, on the back of sustained demand for electronics for domestic production and rising global oil prices, the government reported on Thursday.

The October import bill rose to $4.89 billion, higher than last year’s $3.81 billion, according to data released by the National Statistics Office (NSO).

On a monthly basis, growth was at 6.9% from September’s $4.57 billion.

Inbound shipment of electronic products, which accounted for 31.5% of overall imports, grew by 11.7% on an annual basis to $1.54 billion, slower than September’s 23.8% annual growth.

Importation of mineral fuels and lubricants, trailing electronics in terms of percentage share, grew by 47.3% year on year to $901.5 million.

Japan remained the biggest source of imported products with a share of 12.3%, followed by the US and China. - Karen Joyce Q. Ang