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Philippines' Nov imports up for 6th straight mth, points to strong demand
January 26, 2016 / 1:28 AM / 2 years ago

Philippines' Nov imports up for 6th straight mth, points to strong demand

* Electronics imports up 69 pct yr/yr to $2.13 bln
    * Nov trade deficit of $976.9 mln smallest in five months
    * Jan-Nov trade deficit $8.64 bln vs $2.63 bln gap yr ago

    MANILA, Jan 26 (Reuters) - Philippine imports in November
climbed 10.1 percent from a year earlier, the statistics office
said on Tuesday.
    
KEY DATA                 Nov    Oct   Sept   Aug    July   June 
 
Total imports ($ bln)   6.09   6.53   6.26   6.18   6.85   5.92 
 
yr/yr chg (pct)         10.1   16.9    8.2    5.7   23.0   22.6 

Electronics ($ bln)     2.13    2.1   1.99   2.05   2.00   1.95 
yr/yr chg (pct)         68.8   70.7   34.7   68.5   71.1  120.2 

NOTE: October imports growth figure was revised

KEY POINTS:
    - Total imports in the 11 months to November reached $62.6
billion, up 4.5 percent from a year earlier.
    - Electronic imports accounted for 35 percent of the
country's total imports. Components or semiconductors, which
comprise 26.1 percent of total electronic shipments, climbed an
annual 74.1 percent in November.    
    - Minerals fuels, lubricants and related materials, which
accounted for 9.6 percent of total imports and was the second
biggest import item, declined 40.1 percent from a year ago.
    - Transport equipment, accounting for 7.9 percent of total
imports in November and the third biggest import item, rose 19.8
percent from last year, while industrial machinery and
equipment, which ranked fourth, grew an annual 37.3 percent.   
    - The Philippines had a trade deficit of $976.9 million in
November. That brought the trade deficit in January-November to
$8.64 billion, compared with a deficit of $2.63 billion for the
same period last year.
    - The country is forecast to have a $5.7 billion current
account surplus in 2016, compared with a projected surplus of
$8.9 billion in 2015. This year's balance of payments surplus is
forecast to reach $2.2 billion, up from a projected $2 billion
for 2015. 
    

 (Reporting by Karen Lema; Editing by Shri Navaratnam)

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