Philippine imports climbed 11.7 percent year-on-year in September—the fastest growth in five months, according to government data released Friday.
According to the National Statistics Office, the country’s imports for September 2011 reached an estimated $5.134 billion—up from the $4.597 billion seen in the same month last year.
Taking into account the $3.9 billion in exports reported for the month of September, there was a trade deficit of $1.24 billion.
September’s figures brought the deficit for the first nine months of the year to $8.36 billion, the NSO data showed.
Economist Cid L. Terosa of the University of Asia and the Pacific said the figures showed further recovery since May, but the data were still expectedly tame given the economic turmoil overseas.
Looking ahead, “the Christmas season and related spending are the only positive events that I see,” Terosa said when asked if a surge in imports could be expected in coming months, both for local demand and for exports.
Month-on-month, imports improved 4.3 percent from $4.925 billion in August, the NSO reported.
Electronics, semiconductors down
Payments for electronics, which topped imports, fell 11.6 percent to $1.443 billion in September from the $1.632 billion posted last year.
Semiconductors, which dominated electronics imports, contracted 16.9 percent to $1.092 billion in September 2011 from $1.314 billion a year ago.
The annual growth rate for September was the highest since May, the NSO said. Imports posted double-digit annual growth from January to April, but dipped to 1.6 percent in May. Imports started to recover in June at 6.6 percent.
Apart from electronics, the Philippines’ top imports for September included fuels ($941.17 million, up 27 percent year-on-year), transport equipment ($399.81 million, up 34.8 percent), industrial machinery and equipment ($255.47 mil li on, up 18 percent), metal scraps ($160.27 million, up 0.6 percent), chemicals ($150.45 million, up 35.7 percent), plastics ($140.41 million, up 2.7 percent), iron and steel ($121.07 million, up 2.4 percent), cereals ($120.60 million, up 2.3 percent), and telecommunication equipment ($104.50 million, up 2 percent).
Japan was the top source of shipments for September, accounting for $627.43 million worth of imports—an increase of 12.8 percent from the $556.04 million reported in the same month last year.
Exports to Japan amounted to $685.16 million, yielding a two-way trade value of $1.313 billion and a trade surplus of $57.73 million for the Philippines.
Other top import sources were the United States, China, Singapore, Saudi Arabia, Thailand, South Korea and Taiwan. With a report from Reuters