RP imports down 4.5% in September

RP imports down 4.5% in September

MANILA: Philippines merchandise imports in September fell 4.5 percent from a year earlier on lower orders for raw materials from the electronics industry, the government said on Wednesday.

The import bill dropped to US$3.046 billion compared to $3.190 billion in the same month last year.

For the nine months to September, imports were up 4.8 percent to $27.952 billion, while exports inched up 0.4 percent to $26.267 billion, leading to a trade deficit of $1.686 billion.

Electronic product imports fell 5.9 percent to $1.431 billion in September, accounting for 47 percent of total foreign purchases. The export-oriented electronics sector mostly use these imports as raw materials.

Imports of mineral fuels and lubricants rose 0.5 percent to $297.23 million, while industrial machinery and equipment dropped 0.6 percent to $136.24 million.--AFP