MANILA, Philippines – Merchandise import growth rebounded in September as the surge in oil shipments offset the decline in electronics.
Data from the National Statistics Office (NSO) showed imports rose 3.6% in September to $5.267 billion from $5.083 billion last year.
The latest figure reversed the contractions of 0.8% and 0.4% seen in July and August, respectively.
This was the fourth monthly growth that imports have so far posted this year.
In the January to September period, however, imports recorded a growth of only 0.5%. This was way below the government’s import target of 12% for 2012.
Inward shipments of electronic products, the country’s top import item, fell 5.8% to $1.369 billion in September from $1.443 billion in the same month of 2011. Electronics accounted for 25.8% of the total import bill during the month.
Mineral fuels, lubricants and related materials, the second top import group, grew 44.2% to $1.273 billion from $882.9 million last year. They accounted for 24.2% of total imports.
The top 3 import sources of the Philippines in September were the People’s Republic of China, which had a 12.3% share; United States, including Alaska and Hawaii, 10.9%; and Taiwan, 9.8%. – Rappler.com