AP FILE PHOTO
MANILA, Philippines—The country’s merchandise imports grew by 0.5 percent in November from a year ago amid expectations of improving demand in the months ahead.
The National Statistics Office reported Friday that imports for the month totaled $5.25 billion compared with $5.21 billion in the same month last year.
This brought total imports for the first 11 months of 2013 to $56.42 billion, a decline of 0.7 percent from $56.83 billion in the same period last year.
Relatively weak imports, which is composed partly of raw materials and intermediate goods for products meant for export, were attributed to anemic global demand.
Because of weak demand from major export markets abroad, companies did not import more inputs for production.
The government’s original imports growth target for the full year of 2013 was set at 12 percent. Economic officials, however, have already admitted the goal was unlikely to be hit.