Philippines Imports Fall At Slower Pace In June

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Tuesday, a report by the Philippines' National Statistics Office said the total imports dropped 22.8% in June from a year earlier compared to a 24.3% fall in the preceding month. A year earlier, in June, imports were up 13.1%.

Compared to the previous month, imports were up 13.6%, slower than a 18.9% growth in May.

Electronic imports, accounting for nearly 34% of total import bill, slipped 20.3% year-on-year in June, sharper than a 12.3% fall in the preceding month. On a monthly basis, the imports climbed 6.8% , much slower than a 40.7% rise in the previous month.

Meanwhile, exports slipped 24.8% in June from the previous year to US$3.41 billion.

In the first six months, imports fell 31.1% year-on-year, while exports were down 32.8%. The trade deficit stood at US$3.14 billion, down from US$3.9 billion deficit in the same period last year.

(Market News Provided by RTTNews)