Philippine imports down 4.8% in June

Philippine merchandise imports in June 2013 posted a 4.8 percent decline to $4.86 billion from $5.10 billion in the same period last year.
The National Statistics Office (NSO) attributed the drop in imports to the negative growth in six out of 10 major commodity groups such as transport equipment, electronic products, cereals, telecommunication equipment and electrical machinery, iron and steel, and plastics.
Total imports for the first half of 2013 declined by 3.8 percent amounting to $29.615 billion compared with $30.786 billion in the same period last year.
Accounting for 22.6 percent of the aggregate import bill, electronic products were the top imported commodity in June 2013 with payments amounting to $1.096 billion, down by 24.8 percent over last year’s figure of $1.459 billion. 
Imports of semiconductors decreased by 28.7 percent to $812,47 million from $1.139 billion in same month a year ago.
Mineral fuel and lubricants registered the highest import annual growth rate of 30.2 percent to $1.06 billion from $818.38 compared to last year.
Transport equipment was the country’s third top import for the month with 8.7 percent share to total imports valued at $423.96 million in June 2013, down by 33.7 percent.
Industrial machinery and equipment , contributing 6.4 percent to the total import bill was the country’s fourth top import for the month amounting to $312.47 million, up by 6.5 percent.
Fifth in rank and with 3.3 percent share to the total imports, other food and live animals recorded $161.47 million worth of imports, higher by 6.8 percent from its year ago level of $151.24 million.
Other top imports in June 2013 were plastics valued at $125.77 million, cereals, $115.28 million; iron and steel, $113.77 million; and telecommunication equipment and electrical machinery, $93.48 million.