Philippines July imports down 31.6 pct

Friday, September 25, 2009
MANILA (AFP) - – Philippine imports in July plunged 31.6 percent year-on-year, the government said Friday, raising fresh concerns about the country's recovery from the global financial crisis.
The imports of 4.025 billion dollars were also two percent lower than in June, reversing two consecutive months of increases, the National Statistics Office said in a statement.
The country recorded a trade deficit of 715 million dollars in July, a reduction of more than 50 percent from the same period last year.
The statistics office announced early this month that exports plunged 25.4 percent to 3.31 billion dollars in July from a year earlier.
Imports for the first seven months of the year were 24.39 million dollars, a 31.2 percent decline from the same period in 2008, the office said on Friday.
Imports of electronic components, which accounted for 39.8 percent of the total in July, amounted to 1.6 billion dollars, an 8.2 percent year on year fall, the office said.
Such components are used in the manufacture of semiconductors and other electronic products, which are the Philippines' biggest export sector.
The downturn in imports of components is usually taken as a sign that the key electronic exports are also going to fall.
Japan was the biggest source of imports to the Philippines, accounting for 544.45 million dollars or 13.5 percent of the total in June. The United States was second with 11.7 percent while, China was third with 8.8 percent.