Philippine imports surged 26.9 percent in 2010 from a year earlier on strong demand from local manufacturers of electronic inputs, raw materials and other intermediate goods, government data show Friday.
The National Statistics Office said total imports hit $54.7 billion in 2010 from $43.09 billion in 2009, exceeding the government’s 20-percent growth projection.
Imports in December expanded 25.2 percent to $4.93 billion from $3.93 billion year-on-year. Import growth slowed month-on-month from a 35.3-percent expansion in November.
Total foreign trade for the whole of 2010 reached $106.13 billion, up 30 percent from $81.53 billion in 2009. Exports hit $51.43 billion in 2010, resulting in a trade deficit of $3.27 billion, down from the $4.66-billion gap in 2009.
The trade deficit in December hit $729 million, up from $615 million a year ago.
The government expects imports to grow 18 percent in 2011 and exports to expand 10 percent because of the slower-than-expected global economic recovery.
Electronic products accounted for a third of the total import bill in December with $1.71 billion, up 35.3 percent from $1.26 billion on year. They rose 5.1 percent month-on-month from $1.624 billion in November. Semiconductors had the biggest share of nearly 29 percent at $1.42 billion from just $902.97 million in December 2009.
Imports of mineral fuels, lubricants and related materials in December ranked second with a 19-percent share with a total bill of $941 million from $760.54 million on year.
Transport equipment was the country’s third top imports for the month with a 7.6-percent share at $373.6 million.
Industrial machinery and equipment contributed 4.8 percent to the total import bill at $236.45 million, while iron and steel, accounted for 2.4 percent at $116.83 million.
Imports of raw materials and intermediate goods amounted to $1.96 billion, which was nearly 40 percent of the total imports for the month.
Imports of capital goods, which comprised 28.6 percent of total imports, hit $1.41 billion, while purchase of consumer goods amounted to $545.46 million. –Elaine Ramos Alanguilan, Manila Standard Today
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
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Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
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Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
