Imports fall anew in June

MANILA, Philippines – Merchandise imports fell anew in June as electronics shipments remained weak.

The National Statistics Office reported Tuesday, August 27, imports declined 4.8% to $4.860 billion in June from $5.103 billion in the same month last year.

Compared to May’s import bill of $5.258 billion, June’s figure was down 7.6%.

Imports, which are raw materials used by the country’s export sector, were down for most of the year, except in April, when they rose 7.4%.

Electronics shipments in June went down 24.8% to $1,096 billion from $1.459 billion a year ago. This group was the top imported commodity, accounting for 22.6% of the total bill.

The other top imports for June were:

• Mineral Fuels, Lubricants and Related Materials – 21.9% share or $1.065 billion
• Transport Equipment – 8.7% or %423.96 million
• Industrial Machinery and Equipment – 6.4% or $312.47 million
• Other Food and Live Animals – 3.3% or $161.47 million

China was the country’s biggest source of imports, accounting for 14.1% ($685.16 million) of the bill.

Japan displaced US as the second top source, with a 9.3% share ($453.73 million). – Rappler.com