Philippine January imports rise to 7-year high

15:32, March 25, 2010      

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Philippine imports in January rose to a seven year high of 30.3 percent to 4.26 billion U.S. dollars, according to the data issued by the National Statistics Office Thursday.

The manufacturing sector is rebounding from last year's global recession boosting the country's importation of electronics and other production inputs.

Electronic products account for over 30 percent of total Philippine import bill. Payments for electronic products in January went up by 2.2 percent to 1.34 billion U.S. dollars.

Imports of mineral fuels, transport equipment, cereals and industrial equipment also increased.

Most of the country's imports came from the U.S., Singapore, Japan and China.The trade deficit in January narrowed to 682 million U.S. dollars, compared to the 759 million deficit in the same period last year.

Source:Xinhua
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