By Roderick T. dela Cruz

Merchandise imports plunged a record 31.5 percent in November from a year ago, as the country?s orders for electronics, which are used by companies to assemble finished products for export, fell at its fastest pace in years.

Petroleum and rice imports, which were the second and third-largest import items in previous months, also declined sharply in November, following the drastic fall in global commodity prices.

The National Statistics Office said imports amounted to $3.482 billion in November, the lowest in 34 months, from $5.084 billion a year earlier.

Imports fell 11.1 percent year-on-year to $4.577 billion in October.

The reduced imports in November resulted in a rare trade surplus of $31.37 million during the month, the first time in 22 months since the $31-million surplus recorded in February 2007.

Electronics, which accounted for 37.4 percent of total imports, tumbled 41.9 percent to $1.303 billion in November, amid the global economic downturn that has cut consumer spending for computers and mobile phones.

Analysts said sharply lower imports bode ill for the export sector, which relies heavily on imported electronic inputs. The statistics office reported earlier that exports went down 11.9 percent in November, due to a 17 percent decline in electronics shipments.

Exports of electronics are expected to fall further in the coming months with the pullout of chip maker Intel Corp. from its Philippine operation, according to analysts.

Last week, the government said more than 15,000 jobs had been lost over the past two months mainly in the electronics and garments sectors?which account for the country?s top two exports?as factories tightened their belts.

Electronics products account for nearly 70 percent of Philippine exports.

Economic Planning Secretary Ralph Recto said that the loss of jobs in electronics sector was expected, given the global financial crisis.

?We have been signaling that export-oriented industries are among the vulnerable sectors, particularly the semiconductor firms,? Recto said.

Imports of mineral fuels, lubricants and related materials fell 44.0 percent to $539 million in November, as crude prices dropped from a peak of $147 a barrel sometime in July to less than $60 a barrel in November. With AFP