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BY Likha C. Cuevas, Reporter
IMPORTS of components meant for
the assembly of the Philippines’ main dollar-earning product
slowed in November, according to the National Statistics Office.
In a report, the agency said
growth of electronics imports, which account for nearly half the
country’s purchases from abroad, rose at a slower pace of 8.4
percent from about 15 percent in October and nearly 10 percent in
November 2005.
The slowdown, however, failed to
dampen the overall growth of imports, which rose a faster 13.4
percent in November from 8.7 the year before and 12.5 percent the
previous month.
Next to electronics, imports of
mineral fuels, lubricants and related materials ranked second during
the month, growing 39.5 percent over the previous year’s level due
to the high volume of importation on crude petroleum, fuel and gas
oils; butane, propane and other coal.
Transport equipment, which
accounted for 4.8 percent of the total import bill, jumped 72.4
percent from a year ago due to the importation of an airplane and
other aircraft, passenger cars and other motor vehicles.
Industrial machinery and
equipment, however, declined by 6.3 percent, while textile yarn,
fabrics, made-up articles and related products slipped 2.3 percent
from a year ago.
Despite the slowdown in
electronics imports, the National Economic and Development Authority
(NEDA) expressed optimism that exports for the full year would make
a strong showing.
“All major categories increased
significantly: raw materials and intermediate goods, mineral fuels,
lubricants and related materials and consumer goods, with the
exception of capital goods, which registered a modest growth of 2.5
percent,” Socioeconomic Planning Secretary and NEDA Director
General Romulo L. Neri said in a statement.
“Cumulative import growth now
stands at 9.6 percent with a total of $47.37 billion. With exports
totaling $43.35 billion for same period, the trade deficit reached
$4.02 billion, 30 percent lower than the deficit posted in the same
period the previous year,” he added.
“[This is] a good sign for
growth,” Dennis M. Arroyo, NEDA director for policy and planning,
said.
Analysts are at odds over the
likely impact of a slowdown in the United States on Philippine
export performance, with some saying that a cooling US economy would
pull down Manila’s shipments while others saying that robust trade
with other Asian countries would offset weakness in traditional
markets.
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