Imports pick up in Oct

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Philippine merchandise imports picked up for the fifth consecutive month in October, accelerating by 16.8 percent year-on-year from September’s revised 8.2-percent increase.

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The Philippine Statistics Authority (PSA) on Tuesday said improvements were recorded for six out of the top 10 commodities, supporting overall imports to $6.527 billion from $5.589 billion a year earlier.

The country’s trade position posted a deficit of $1.937 million in October, wider than the revised $1.316 billion recorded in September and the $441-million surplus recorded a year earlier.

Year to date, merchandise imports totaled $56.527 billion, up 3.9 percent from the $54.392 billion seen in January-October last year.

The trade deficit for the 10-month period increased to $7.656 billion from $2.268 billion a year earlier.

MAYVELIN U. CARABALLO

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