September import growth strongest in 4 months

MANILA, Philippines – Merchandise imports in September climbed 24.6% to $4.57 billion from a year earlier, marking the strongest growth in 4 months, the National Statistics Office said on Friday.

The September import growth was a reversal of the 25% contraction in the same month last year, and faster than the 23.1% annual growth in August.

Also, compared to August’s import bill of $4.45 billion, September was higher by 2.7%.

Imports of electronic parts, which accounted for 35.7% of the total import bill in September, were up an annual 23.8% to $1.63 billion over last year’s figure of $1.32 billion. These are inputs used by the semiconductor and electronics industry, the country’s biggest export sector and a major contributor to the economy.

The government expects imports to climb 20% this year and exports to increase 15%, with estimated growth for both revised upwards earlier this year.

Merchandise exports climbed 46.1% in September from a year ago after a 37% jump in August.

Apart from electronic parts and fuel, the Philippines’ other top imports were electrical and industrial machinery, transport equipment, iron, steel and metal scraps. –abs-cbnNEWS.com