Import bill rises by 21.8 pct in January

MANILA, Philippines (Xinhua) - Philippine import bill in January jumped by 21.8 percent on year to $5.75 billion due to higher payments for electronic products, fuel and transport equipment, the local statistics agency said today.

The Philippine Statistics Agency (PSA) said the import bill in January was the highest since March 2011, when the country's purchases of imported goods rose by 21.9 percent year on year.

Figures released by the PSA showed that payments for electronic products went up by 11.1 percent to $1.28 billion. Electronic products, which accounted for 22.2 percent of total import bill in January, remained as the country's top imported commodity.

Purchases of fuel, which accounted for 21.4 percent of import bill, rose by 33 percent on year to $1.23 billion.

The increase in payments for transport equipment, industrial machinery and transport equipment, cereals, iron and steel and power generating and specialized machinery also propped up imports in January.

This is consistent with the pronouncement made earlier by the Philippine government that the country would be importing more construction materials and equipment for the rehabilitation and reconstruction of areas battered by typhoon Haiyan (local name: Yolanda).

Major sources of imports for the Philippines in January were China, the United States, South Korea, China's Taiwan, and France.

The country posted a trade deficit of $1.37 billion in January, higher than the $716 million posted a year ago.

The Philippine government is targeting to increase imports by 6 percent this year.