MANILA: Philippine imports in October grew 2.3 percent from a year earlier, the statistics office said on Tuesday.
The country's largest import item are inputs used by the semiconductor and electronics industry, the biggest export sector and a major contributor to the economy. Imports of electronic parts fell 19.9 percent in October from a year earlier after an 11.6 percent drop in September.
Merchandise exports in October fell an annual 14.6 percent, a sixth straight fall that added to concerns that economic growth may miss the government's target this year.
Manila now expects exports to fall 1 percent this year, weaker than a previously downgraded 5 percent growth estimate, and imports to grow 7 percent, also lower than a previously downgraded 13 percent forecast.
Apart from electronic parts and fuel, the Philippines' other top imports are cereals such as rice, electrical and industrial machinery, transport equipment, iron, steel and metal scraps.
Manila has revised down its GDP growth goal to 4.5 to 5.5 percent this year from 5-6 percent. It also cut its 2012 growth estimate to 5-6 percent from 5.5-6.5 percent previously.
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