MANILA, PHILIPPINES —  October imports of raw materials for electronics production -- which makes up more than one-third of the Philippines' overall annual imports -- slumped 30% year-over-year, according to the National Statistics Office.

The agency reported electronic imports of $1.63 billion, a steep decline that pulled the overall value of imported raw materials down 11.1%, to $4.58 billion.

The agency defines imported electronics as raw materials assembled in the Philippines into intermediate goods -- such as circuit boards -- then exported for final assembly operations such as packaging or enclosure.

Imported electronics are the nation's largest import, at 35.6% of the total.

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