SUMMARY
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MANILA, Philippines – After posting a rebound in April, merchandise imports fell again in May due to the continued decline in electronics shipments.
Data from the National Statistics Office showed the country imported $5.257 billion worth of goods in May, down 2.4% from $5.385 in the same month of 2012. This was the fourth month this year that imports contracted.
Imports fell 7.9% in January, 5.8% in February and 8.4% in March. In April however they grew 7.4%.
Imports for the first 5 months of 2013 amounted to $24.755 billion, down 3.6% year on year.
Shipments of electronic products, the raw materials used by the semiconductor and electronics industry for their exports, dropped 10.6% in May to $1.275 billion from $1.426 billion in May 2012. Electronics accounted for 24.3% of the total import bill, the biggest share.
The value of imports from China, the Philippines’ biggest source, rose 21.8% to $727.45 million in May.
Imports from the US, the top 2 source, went down 15% to $553.39 million. – Rappler.com
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