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PHL June imports down 3.6% – PSA

Posted On 2014 Aug 28
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IRRI Deputy Director General, Communication and Partnerships Bruce J. Tolentino underlines the importance of durable regional agreements, especially among ASEAN member nations, on rice production and supply to ensure food security. Thailand and Vietnam, both members of ASEAN, are the world's largest producers and exporter of rice. The forum was held Wednesday (July 30) at the Ascott Hotel in Makati City. (MNS photo)

IRRI Deputy Director General, Communication and Partnerships Bruce J. Tolentino underlines the importance of durable regional agreements, especially among ASEAN member nations, on rice production and supply to ensure food security. Thailand and Vietnam, both members of ASEAN, are the world’s largest producers and exporter of rice. The forum was held Wednesday (July 30) at the Ascott Hotel in Makati City. (MNS photo)

MANILA (Mabuhay) – Philippine imports fell for the second straight month in June on lower shipments of electronic products, industrial equipment and live animals, data from the Philippine Statistics Authority (PSA) show.

The PSA on Tuesday reported imports fell by 3.6 percent to $4.716 billion from $4.89 billion year-on-year. The June numbers also compared with the revised 4.0 percent decline in May.

The PSA said the decrease was due to the negative performance of three of the top ten major commodities, including industrial machinery and equipment, electronic products, and other food and live animals.

Mineral fuels and lubricant accounted for the bulk or 24.7 percent of total imports, and valued at $1.167 billion, up 9.4 percent from $1.066 billion.

This was offset by the performance of components used by the semiconductor and electronics industry, which cornered nearly a fifth of the import bill in June, or 18.1 percent of the total. The value of imported electronic parts, however, slipped by 22 percent to $855.2 million from $1.097 billion.

Industrial machinery and equipment, which contributed 4.5 percent to the total import bill, also decreased by 32.9 percent to $211.97 million from $315.81.74 million.

Other food and live animals registered inbound shipments worth $156.23 million, down 3.3 percent from $161.64 million.

China remains the biggest source of imports at 17.2 percent or $809.64 million of the total, followed by Korea at 9.8 percent or $461.33 million.

Japan was the third largest source of shipments to the Philippines, while the US ranked fourth and Singapore was fifth.

Total imports in the first semester increased by 5.4 percent to $31.346 billion from $29.752 billion a year earlier, PSA data show.

The country registered a trade surplus of $731 million in June from $399 million in deficit a year earlier. This trimmed the trade gap in January to June to $1.534 billion. (MNS)

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