RP misses 2004 import target

RP misses 2004 import target

MANILA: Philippine imports rose 7.5 percent to US$40.3 billion in 2004, below the official growth target of 11 percent, the government said on Thursday.

The National Statistics Office said earlier that exports rose 9.3 percent to $39.6 billion resulting in a trade deficit of $702 million compared to $1.265 billion in 2003.

The government had targeted export growth of 10 percent for 2004.

In December, imports fell 0.9 percent from a year earlier to $3.05 billion, while exports rose 2.9 percent to $3.27 billion. -- AFP