Home » Breaking News, Customs & Trade » PH 2011 imports up 9.5%

Philippine imports for 2011 grew 9.5% to $60.139 billion compared to $54.933 billion year-on-year, data from the National Statistics Office showed.

But the December figure dipped 6.5% to $4.628 billion from $4.949 billion in the same month of the previous year.

Month-on-month, import receipts also dropped 7.3% from $4.990 billion in November 2011.

Electronics remained the country’s top import commodity, comprising 27.3% of the aggregate import bill at $1.265 billion, down 25.9% from $1.706 billion in December 2010. On a monthly basis, electronics imports contracted 8.4% from $1.381 billion in November.

Imports of mineral fuels, lubricants and related materials accounted for 22.7% or $1.049 billion of the total, expanding 10.5% from $949.56 million in December 2010.

Industrial machinery and equipment were the country’s third top imports for December with a 5.4% share of the aggregate valued at $251.21 million. The figure is up 6.2% from the previous year’s $236.58 million.

Japan remained the country’s top source of imports for December representing 12.7% of the total import bill with $585.77 million, a 2% decline from $597.86 million year-on-year.

China was the second biggest import source with a 12.6% share and payments of $584.86 million. This reflected a 20.9% increase from $483.86 million.

In third spot was the US with a market share of 11.2% or $517.55 million, down 5.4% from $547.09 million.

Circuit Board by Michelle Meiklejohn http://www.freedigitalphotos.net/images/view_photog.php?photogid=901

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