Philippines' November imports flat on yr

MANILA, Jan 25 (Reuters) - Philippine imports in November edged up 0.6 percent from a year earlier, the statistics office said on Wednesday. KEY DATA Nov Oct Sept Aug July June Imports ($ bln) 4.98 5.02 5.08 4.93 5.00 4.50 yr/yr chg (pct) 0.6 2.3 10.4 10.4 6.6 6.6 KEY POINTS: - 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 14.9 percent in November from a year earlier after a revised 19.8 percent drop in October. - Merchandise exports fell an annual 19.4 percent in November, the seventh straight month of decline, with value of shipments at nearly a two-year low as global demand for the country's top electronics shipments slumped. - Philippine exports may have fallen 1 percent in 2011, according to the Philippine central bank, weaker than a previously downgraded 5 percent growth estimate, due largely to slowing demand for the country's key electronics and semiconductor products. - The central bank also estimated imports to have grown 7 percent in 2011, before rising 13 percent this year. - 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. - The Philippine central bank cut its key policy rate for the first time in 2-1/2 years last week to boost the economy, which lost steam last year due to sluggish exports and underspending by the government. - Manila had set a target for 2011 GDP growth at 4.5 to 5.5 percent. It also estimated 2012 growth at 5-6 percent. (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco) Keywords: PHILIPPINES ECONOMY/IMPORTS (enrico.delacruz@thomsonreuters.com)(+632 841-8934)(Reuters Messaging: enrico.delacruz.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2012. All rights reserved.

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