RP imports jump 45 percent

RP imports jump 45 percent

MANILA: Philippine merchandise imports jumped 45.1 percent in January from a year earlier, official data showed Wednesday, with local manufacturers seen stocking up electronics parts and fuel ahead of a looming war in Iraq.

The import value rose to US$2.92 billion in January, the National Statistics Office (NSO) said in a statement. Imports in December rose 19.8 percent to $2.57 billion.

The NSO said the Philippines suffered a trade deficit in January of $226 million compared with the year-earlier surplus of $621 million.

Electronics accounted for 25.9 percent of the January imports, surging 102.8 percent to $754.56 million with mineral fuels, lubricants and related materials rising 62.5 percent to $329.23 million.

The largest source of Philippine imports is the United States, which comprised about 20 percent or $583.11 million of the total in January. -- AFP