MANILA, Philippines — Philippine imports extended a year-on-year double-digit rise in September, indicating steady domestic demand even as shipments of electronic imports continued to decline.
The value of Philippine imports rose 12% from a year earlier to $5.13 billion from $4.59 billion in September 2010, driven by higher shipments of cereals, plastics, chemicals, iron and steel, the National Statistics Office said yesterday. Imports in August rose 10.4% year-on-year.
Still, electronic imports, many of which are used as components in key Philippine exports, fell 12% in the month from a year earlier to $1.44 billion. Electronic imports have been on a double-digit retreat since June this year.
Mounting global economic concerns could limit import growth in the months ahead, said Jose Vistan, research head with AB Capital Securities.
"[September's] growth is welcome news but with the ongoing problems in Europe and slowing economies in China and the US, it doesn't look like there's much room for [more growth]," Vistan said.
In the first nine months of the year, imports grew 14% to $45.56 billion compared with $40.12 billion in the year-earlier period.
The trade deficit for the January-September period came to $8.36 billion, substantially wider than the $1.76-billion deficit a year earlier. Exports during the period totaled $37.21 billion, a 3% fall from a year earlier.
In September alone, the trade deficit stood at $1.24 billion, a reversal from the surplus of $744 million posted a year earlier. Exports in September stood at $3.89 billion, a 27% decline from a year earlier, the sharpest retreat in more than two years.
The US was the Philippines' top source of imports in September, with total purchases reaching $547 million, an 11.5% increase from a year earlier.
China was second at $498 million, a 26% improvement from a year earlier.
Singapore was the third-largest source of imports, with shipments totaling $383 million, a 7.7% decline from a year earlier. (Dow Jones)
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