January 25, 2013 / 1:10 AM / 5 years ago

Philippines Nov imports up 2.2 pct on yr, 3-mth low

* Electronics imports down 8.8 pct yr/yr at $1.26 bln
    * Nov trade deficit at $1.59 billion
    * Jan-Nov trade deficit at $8.39 billion

    MANILA, Jan 25 (Reuters) - Philippine imports in November
climbed 2.2 percent from a year earlier, the statistics office
said on Friday.  
     
KEY DATA          Nov    Oct    Sept   Aug    Jul    Jun    May 
   
Imports ($ bln)   5.14   5.24   5.27   5.06   4.96   5.09   5.39
   
yr/yr chg (pct)   2.2    4.3    3.6    -0.4   -0.8   13.0   10.1
  

     KEY POINTS: 
    - The country's largest imports are inputs used by the
semiconductor and electronics industry, also the biggest export
sector and a major contributor to the economy. Imports of
electronic parts in November were down 8.8 percent from a year
earlier, after a revised 8.7 percent rise in October. 
    - The Philippine central bank lowered its 2012 export and
import growth forecasts to 8 percent and 7 percent respectively
in November, from previous estimates of 10 percent and 12
percent.
    - The industry group Semiconductors and Electronics
Industries in the Philippines Inc expects exports from the
sector to have been flat in 2012 due to sluggish demand, but
will likely recover this year and grow 5 percent to 6 percent.
 
    - Exports, which account for about two-fifths of the
country's GDP, climbed 5.5 percent in November from a year
earlier, the weakest rate in three months, although electronics
and semiconductors, which dominate exports, rose 13.3 percent
from a year ago. 
    - The Philippine economy may have grown around 6.5 percent
in 2012, the economic planning chief said on Tuesday, higher
than a government target of 5 to 6 percent, with  growth
momentum expected to be sustained this year, backed by
infrastructure spending. 

 (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco
and Edmund Klamann)

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