July imports up 6.6pct yr/yr

Philippine imports in July rose 6.6 percent from a year earlier, the statistics office said on Tuesday.

KEY DATA July June May April March Feb

Imports ($bln) 5.00 4.50 4.89 5.50 5.52 4.76 yr/yr chg ( percent) 6.6 6.6 1.6 20.3 21.2 21.9

KEY POINTS:

– The largest import category is inputs used by the semiconductor and electronics industry, the country’s biggest export sector and a major contributor to the economy. Imports of electronic parts fell 28.6 percent in July from a year earlier after a 20.7 percent annual drop in June.

– Merchandise exports fell 1.7 percent in July from a year earlier, a third consecutive annual fall although the value of monthly shipments hit a high for 2011.

– Socioeconomic Planning Secretary Cayetano Paderanga has said the government’s 2011 macroeconomic targets, including the 9 to 10 percent export growth estimate and 17 to 18 percent imports growth forecast, will be reviewed after second quarter growth slowed more than expected.

– Annual growth in the second quarter slowed to 3.4 percent from the previous quarter’s revised 4.6 percent, due largely to sluggish exports and weak government spending.

– Apart from electronic parts and fuel, the Philippines’ other top imports are cereals such as rice, electrical and industrial machinery, transport equipment, iron, steel and metal scraps.

http://www.reuters.com/article/2011/09/27/philippines-economy-imports-idUSP9E7J900N20110927

 

Category: Philippines