Imports Increase 4.3% In October

The country's imports in October rose by 4.3 percent year-on-year to $5.24 billion from $5.02 billion in the same month last year.

The National Statistics Office (NSO) attributed the growth to the increased imports in ores, scrap metal, cereals, transport equipment, telecommunication and electrical machinery, electronic products and industrial equipment.

The trade deficit during the month narrowed to $832 million from $869 million in the year-earlier month.

For the January-October period, imports totaled $51.28 billion, up 0.9% from $50.84 billion in the year-earlier period. The trade deficit during the period narrowed to $6.80 billion from $9.31 billion in 2011.

Accounting for 25.7 percent of the aggregate import bill, payments for electronic products rose by 8.7 percent to $1.34 billion from $1.237 billion in October 2011.

Imports of semi-conductors increased by 16.8 percent to $1.034 billion from $885.59 million.

Mineral fuels ranked second among the top 10 imports with a 7.5 percent drop to $1.073 billion. The contraction was attributed to the lower payments and decreased in the global price of this product.

Transport equipment was the country's third top import for the month with 7.8 percent share to total imports valued at $410.00 million from $337.60 million in same month a year ago.

Industrial machinery contributing 5.3 percent to the total import bill was the fourth top import for the month amounting to $277.98 million, up by 4.6 percent.

Imports of ores and metal scrap recorded the highest growth at 326.4 percent to $222.93 million from $52.28 million last year. This growth was brought about by 124.9 percent increase in volume of imports compared to October 2011.

Other top imports in October 2012 were cereals, $187.67 million; iron and steel, $125.51 billion; chemicals, $120.54 million; plastics, $115.39 million; and telecommunications equipment, $108.31 million.

Philippine imports in October rose 4.3% from the year-earlier period to $5.239

billion due to increased purchases of metals, cereals, transport and telecommunications equipment as well as electronic products, the National Statistics Office said Friday.

Imports in October 2011 totaled $5.02 billion.

Electronic imports, which are mainly components in the country's main export product, increased 8.7% on year to $1.34 billion from $1.27 billion in the year-earlier period.

With exports in October earlier reported at $4.41 billion.