Philippine Imports Rise Fore Third Month





Philippines' merchandise imports increased for the third successive month in January, and at a significantly faster pace than in December, data published by the National Statistics Office showed Tuesday. The growth rate also far exceeded economists' expectations.
The value of imports climbed 21.8 percent on an annual basis to US$5.76 billion in January, which followed a 2.1 percent gain in December. Economists were looking for an 8.5 percent rise for January.
While nine of the top ten major commodities recorded growth during the month, the strong pick up was driven by an 11.1 percent rise in imports of electronic products. In December, the category had logged a 2.5 percent decline.
On a monthly basis, overall external purchases recorded a 6.4 percent growth in the beginning of the year, following December's 3.4 percent increase. Arrivals of electronics goods rose by 1.7 percent.
January's international trade resulted in a deficit of US$1.38 billion, which was notably higher than the US$716 million deficit recorded in the same month of last year. Expectations were for a lower shortfall of US$850 million.


News are provided by InstaForex.