Philippines' Nov imports up slightly, electronics continue fall

Thu Jan 23, 2014 8:27pm EST

Related Topics

* Electronics imports down 8.7 pct yr/yr to $1.2 bln
    * Nov trade deficit at $944 mln vs yr-ago gap of $1.6 bln
    * Jan-Nov trade deficit $7.0 bln vs $8.7 bln gap yr ago

    MANILA, Jan 24 (Reuters) - Philippine imports in November
inched up 0.5 percent from a year earlier, the statistics office
said on Friday.
    
KEY DATA         Nov    Oct    Sept   Aug    July   June    May 
Imports ($ bln)  5.24   4.82   5.71   5.55   5.49   4.86    5.26
yr/yr chg (pct)  0.5   -8.6    7.2    7.0    8.7    -4.8   -2.4 

Electronics
Imports ($ bln)  1.15   1.25   1.76   1.34   1.63   1.10   1.28 
yr/yr chg (pct)  -8.7   -7.3   29.9   -9.0   33.1  -24.8  -11.1 
    
    KEY POINTS:
    - The country's largest imports are components used by the
semiconductor and electronics industry, the biggest export
sector and a major contributor to the economy. Imports of
electronic parts in November fell 8.7 percent from a year
earlier, the slowest in three months.
    - Total imports in the 11 months to November were down 0.7
percent to $56.4 billion from a year ago. The country had a
trade deficit of $944 million in November, bringing the total
trade gap in January-November to $7.0 billion. 
    - Exports climbed for a sixth month in a row in November,
supported by a 10 percent increase in electronics exports for
that month.
    - The electronics industry group has forecast the country's
electronic exports last year to contract by as much as 12
percent, but it sees modest growth in 2014. 
    - Based on the central bank's latest estimates, Philippine
exports are expected to rise 6 percent this year after a
projected 4 percent growth in 2013. 
    - The central bank also expects imports to grow 6 percent
from last year's 2 percent forecast, resulting in a higher trade
deficit for 2014.    
    - The destruction wrought in the central Philippines in
November by super typhoon Haiyan, one of the strongest to ever
hit land, was not expected to significantly slow the country's
growth momentum, and could spur more imports of construction
materials for rebuilding of communities, officials said.
    - Officials expect this year's economic growth target of
6.5-7.5 percent will be achieved, after expected growth of 6.5
to 7 percent in 2013.

 (Reporting by Erik dela Cruz and Karen Lema; Editing by
Rosemarie Francisco and Michael Perry)
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