PHL imports rebound in July, says NSO

Philippine imports bounced back in July, after shrinking in June, lifted by double-digit arrivals of electronic shipments, the top trade merchandise, the government said Wednesday.

 

The National Statistics Office (NSO) reported merchandise imports grew at an annual rate of 8.7 percent to $5.486 billion in July, from a year-on-year 4.8-percent contraction in June

 

Factored into the import numbers during the first seven months of year, the imports in July tempered the contraction to 2.0 percent in January to July. 

 

Arrivals of electronic products soared by 33.1 percent in July.

 

"This reflects the broadly upbeat prospects for the country’s export-oriented electronics industry for the remaining months of 2013," Deputy Director-General Rolando G. Tungpalan, National Economic and Development Authority  officer-in-charge, noted in an e-mailed statement to reporters. 

 

"Also, this is backed by the consensus expectation of moderate growth in the global sales of semiconductor for the year," he said. 

 

Philippines, however, registered a $649-million trade deficit in July from $320 million a year earlier, NSO data showed. 

 

This brought the total trade gap to $4.679 billion in January to July. 

 

China remains the main source of incoming shipments, accounting for 13.4-percent of the total arrivals in July. US goods accounted for 11.3-percent and South Korea for 8.6-percent. – VS, GMA News