RP imports slow down for ninth straight month

Philippine imports in June contracted by more than a fifth, the ninth consecutive month that purchased goods from abroad slumped. The National Statistics Office on Tuesday said imports in June dropped 22.8 per cent to about $4.108 billion. The latest import figure, however, was 13.6 per cent better from $3.617 billion recorded in the previous month. Total external trade in goods for the Philippines for the January to June period reached $37.586 billion, a 31.9 per cent decline from $55.188 billion recorded during the same period in 2008. This decline was due to the 31.1 per cent slide of total imports to $20.365 billion and the 32.8 per cent contraction of total exports to $17.221 billion for the same period. "Thus, the balance of trade in goods (BOT-G) for the Philippines under review registered a $3.143-billion deficit in the same six-month period last year," the NSO said. Cornering the bulk, 33.8 per cent, of the Philippine import bill for June was electronic products, the components used for the country's top export products. Imported components/ devices recorded a 21.2 per cent slide. Compared to May's however, electronic products rose by 6.8 per cent. For the month, Japan has replaced the US as the Philippines' largest import source, accounting for 11.9 per cent. This was followed by the US with 11.2 per cent. Other top sources were China, Taiwan, Singapore, Saudi Arabia, South Korea, Vietnam, Thailand and Malaysia.