Alexa
  • Directory of Taiwan

Philippines June imports down 22.8 percent

Philippines June imports down 22.8 percent

Philippine imports in June fell 22.8 percent year-on-year to US$4.108 billion but grew for the second consecutive month, the government said yesterday, boosting economic recovery hopes.
Although shipments into the country were down on the year they were 13.6 percent higher than May, the National Statistics Office said in a statement, marking the second straight month of improvement.
The country recorded a trade deficit of US$702 million in June, 11.7 percent smaller than the shortfall registered in the same period last year, the office said.
Imports of electronic components, which accounted for 33.8 percent of June's total, amounted to US$1.389 billion, down 20.3 percent from the same period last year but up 6.8 percent from May.
Electronic products
Components shipped into the country are used in the electronic products that make up about 58 percent of the Philippines' exports.
The increase in such shipments is seen as proof that foreign orders for local electronics are rising.
"The important thing here is the month-to-month figures where we are showing improvement," said Ron Rodrigo of DBP-Daiwa Securities Inc.
He told reportesr that the recovery in imports was an indication that there would be "an improvement in exports of finished products in the coming months."
"The downturn is slowing down and that is good but its very gradual," observed Luz Lorenzo of ATR Kim Eng Securities.
She warned that this meant external trade would not significantly lift the economy this year and perhaps not even next year.
Japan was the leading source of imports in June, accounting for US$486.9 million or 11.9 percent of the total, the statistics office said in a statement.
The United States, China, Taiwan and Singapore were the second to fifth largest importers respectively.
Total imports in the first six months of 2009 amounted to US$20.365 billion, down 31.1 percent from the same period in 2008, the office said.
This resulted in a trade deficit of US$3.143 billion in the first half of 2009, down 20.2 percent from the same period in 2008.


Updated : 2021-05-12 11:37 GMT+08:00