BusinessWorld
November 26, 2010
MERCHANDISE imports rose by 24.6% in September, the highest since May this year, on the back of sustained demand for electronic products and higher global oil prices, the government said on Friday.
Data released by the National Statistics Office (NSO) showed that the value of inbound shipments totaled $4.6 billion, higher than the $3.7 billion posted a year ago.
With exports at $5.3 billion in September, the Philippines was on its second straight month in the black, recording a trade surplus of $751 million.
On a monthly basis, imports grew by 2.7%, a rebound from August’s revised 4.9% slump.
Inward shipment of electronic products, which comprised 35.7% of the total import bill, grew by 23.8% on an annual basis to $1.6 billion. Electronics imports’ performance, however, was slower than the 27.2% year-on-year growth in August.
Meanwhile, revenues from mineral fuels and lubricants, the second largest imported good with a total share of 16.1%, grew by an annual 6.9% to $734.7 million.
Other key imports, namely: transport equipment, industrial machinery and equipment, ores and metal scrap, plastics and iron and steel, recorded growth in the high double digits.
Japan was the biggest source of imports for the month. -- Karen Joyce Q. Ang
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