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The country’s imports rose 10.4 percent to $4.57 billion in March from a year earlier on the back of brisk electronics shipments, the National Statistics Office (NSO) reported yesterday.
The latest import growth figure was the fastest pace in four months, following a 9.9-percent gain in February.
Payments for electronic products, which accounted for 50.2 percent of total imports in March, grew 22 percent to $2.29 billion, the NSO said.
“Except for consumer electronics and telecommunication, all major groups of electronic products recorded increases ranging from a low of 18.6 percent to a high of 159 percent from their year ago level,” the NSO said.
The government meanwhile revised downward export growth for March.
Exports grew 7.8 percent from a year earlier to $4.45 billion, instead of the 10.6- percent growth to $4.57 billion that was announced two weeks ago, it added.
This gave a March trade deficit of $119 million, up from $10 million in March 2006.
Imports for the three months to March rose 7.1 percent to $11.97 billion and exports increased 12 percent to $12.15 billion.
“The trade data supports expectations that the country’s export growth is sustainable,” said Jonathan L. Ravelas, a strategist at Banco de Oro in
More than two-fifths of imports are raw materials purchased by exporters and other manufacturers. Increasing sales to Asian countries by local units of companies such as Texas Instruments Inc. and Toshiba Corp. may help the country weather slowing demand from the US, the Philippines biggest export market.
Purchases of electronics and raw materials rose 22 percent to $2.29 billion and $2.14 billion, respectively. President Arroyo is aiming for export growth of 11 percent this year from 14 percent in 2006 to help meet her target of expanding the economy by at least 6.1 percent this year, from 5.4 percent in 2006.
The International Monetary Fund, Asian Development Bank and World Bank all expect the region’s economies to expand at a slower pace this year as growth in global trade volumes weakens.
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