|
By Darwin G. Amojelar Reporter
THE Philippines bought more than
it sold abroad, as imports surged in
the first month of the year on purchases of costlier oil and dairy
products, the government reported Wednesday.
The National Statistics Office
said merchandise imports in January rose 27.7 percent to $4.987
billion from $3.904 billion in the same period last year.
With exports in the same month
this year rising by just 6.1 percent to $4.23 billion, the country
suffered a trade deficit of $756 million, a reversal of the
$272.32-million surplus last year.
Electronic products accounted for
46.3 percent of the total import bill in January, rising 22.8 percent
to $2.31 billion from last year’s $1.880 billion.
But Acting Socioeconomic Planning
Secretary Augusto B. Santos said the volume of imported materials
and accessories for the manufacture of electric equipment declined
by 33.8 percent, indicating “there are risks to the performance of
the technology sector in the coming months, which can be aggravated
if [the] US growth slows down.”
Santos said the increased
importation of non-fuel items indicates continuous growth in
industrial production in the coming months.
In January, electronics exports
receipts rose by only 1.6 percent.
In contrast, imports of mineral
fuels and lubricants surged 110.6 percent to $1.023 billion from the
previous year’s $485.64 million.
Santos said the higher payments
for petroleum and dairy products, despite lower volumes, was due to
the high prices of these commodities in the world market.
Purchases from abroad of
industrial machinery and equipment went up by 6.9 percent to $165.33
million, while transport equipment amounted to $138.02 million.
Rounding up the list of the
top 10 imports for January were organic and inorganic chemicals,
$106.72 million; iron and steel, $106.44 million; plastics in
primary and non-primary forms, $96.17 million; telecommunication
equipment and electrical machinery, $88.50 million; textile yarn,
fabrics, made-up articles and related products, $75.49 million; and
dairy products, $71.85 million.
Payments for the country’s top
10 imports for January reached $4.179 billion or 83.8 percent of the
total bill.
The US topped the list of the
Philippines’ source of imports, followed by Japan.
In a research note, Development
Bank of Singapore (DBS) said Wednesday that it expects Philippine
economic growth this year to fall within the government’s target
amid a possible US-led global slowdown.
DBS said the Philippine economy,
as measured by its gross domestic product, would grow 6.6 percent
this year, or within the 6.3-percent to 7-percent government
forecast.
--With Chino S. Leyco
|
