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Philippine electronics manufacturing on the upturn

Posted: 30 Jun 2006 ?? ?Print Version ?Bookmark and Share

Keywords:electronics manufacturing? Philippines? import? NEDA? National Economic Development Authority?

The Philippines' 7.4 percent increase in merchandise imports signals an upturn in the electronics manufacturing sector, according to the country's National Economic and Development Authority (NEDA).

This growth of merchandise imports, said NEDA, resulted in a trade deficit of $505 million, lower than the $867 million recorded last year.

Nestor Mijares IV, NEDA's officer-in-charge, attributed the increase in imports to a strong demand for raw materials and intermediate goods, posting a 15.9 percent growth ($2.08 billion) from last year's 6.7 percent growth.

Imports of capital goods likewise contributed to the overall increase after growing by 6.4 percent in April to $1.38 billion as telecommunication equipment and electrical machinery recovered from last year's slump. Capital goods accounted for 31.3 percent of total imports.

The United States remained the country's main source of imports in April, cornering 18.1 percent of the market followed by Japan and Taiwan with 13.5 percent and 8.5 percent, respectively.

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