Philippines' Oct imports up 4.3 pct on yr, 4-mth high

Thu Dec 27, 2012 8:06pm EST

Related Topics

* Electronics imports up 8.7 pct y/y at $1.34 bln
    * Oct trade deficit at $832 mln
    * Jan-Oct trade deficit at $6.8 bln

    MANILA, Dec 28 (Reuters) - Philippine imports in October
rose 4.3 percent from a year earlier, the statistics office said
on Friday.
    
    KEY DATA      Oct    Sept   Aug    Jul    Jun    May    Apr
Imports ($ bln)   5.24   5.27   5.06   4.96   5.09   5.39   4.77
yr/yr chg (pct)   4.3    3.6    -0.4   -0.8   13.0   10.1  -13.6
    
    KEY POINTS:
    - The country's largest imports are inputs used by the
semiconductor and electronics industry, also the biggest export
sector and a major contributor to the economy. Imports of
electronic parts in October climbed 8.7 percent from a year
earlier, after a revised 5.9 percent fall in September.
    - The Philippine central bank lowered its exports and
imports growth forecast for the year to 8 percent and 7 percent,
respectively, from previous estimates of 10 percent and 12
percent. 
    - Exports, which account for about two-fifths of the
country's GDP, climbed 6.1 percent in October from a year
earlier helped by a low base from last year and rising demand
from its Asian neighbours led by Japan. 
    - With the Philippine economy expanding at a
faster-than-expected annual pace of 7.1 percent in the third
quarter, the Southeast Asian country now expects its GDP to grow
at around 6.5 percent this year, exceeding its target of 5
percent to 6 percent.  

 (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)
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