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RP imports fall for eighth-straight month due to global trade slump


MANILA, Philippines - Philippine imports declined for the eighth-straight month in May, reflecting the continued slump in global trade. Inbound shipments for May fell to $3.616 billion, 24.3 percent lower than figures reported during the same month last year, the National Statistics Office (NSO) said. Electronic products, which made up 36 percent of the total imports bill and mainly items used for the country's top merchandise, dropped 12.3 percent, but gained 40.7 percent from April. For the first five months of the year, total imports dipped 32.9 percent to $16.257 billion. With the 34.5-percent slump to $13.815 billion of exports for the same period, trade deficit was recorded at $2.442 billion, lower than the $3.147-billion deficit recorded in the same period in 2008. Despite the huge drop in imports volume, Ralph Recto, director general at the National Economic and Development Authority, noted that other Asian countries were suffering the same. “Like us, our Asian neighbors are still faced with plummeting imports as a result of the global crisis," Recto said. Top import sources of the Philippines were the US, Japan, and China, respectively. Other largest sources were Singapore, Taiwan, South Korea, Vietnam, Thailand, Hong Kong, and Indonesia. Total imports from the top five sources dropped by 19.1 percent year-on-year. However, shipment of goods from these countries improved significantly by 23.5 percent from the previous month. - GMANews.TV
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