October imports at 18-month low

MANILA, Philippines- Imports in October fell 8.6%, its steepest fall in 18 months due to the decline of electronic shipments.

Data from the National Statistics Office released on Friday, December 27, showed that October imports reached $4.824 billion, 8.6% lower than the $5.277 billion posted in October 2012.

This brought the aggregate imports for the first 10 months of 2013 to $51.183 billion, down 0.8% against the $51.621 billion posted a year ago.

Exports in October accelerated 14%, resulting in a $202 million surplus in the country’s trade in goods for October, from a $867 million deficit in the same month last year.

Electronic products, the country’s top imported commodity in October 2013, accounting for 25.9% of the total imports reached $1.247 billion. This figure, however, is lower by 7.3% compared to the $1.346 billion recorded in October 2012.

Import sources

China was the top importer in October, accounting for 13% or $628.95 million of the total import bill.

The other top sources were:

• United States of America (USA) including Alaska and Hawaii- 9.6% share, ($460.71)
• Japan – 8.8% share ($425.70 million)
• Taiwan – 8.0% ($384.82 million)
• Korea- 7.0% share ($338.81 million)

-Rappler.com