Philippine merchandise imports continued to fall in June, but the decline eased to 3.6 percent year-on-year from May’s revised 4 percent contraction, fresh data from the Philippine Statistics Authority (PSA) shows.
Import payments dropped to $4.716 billion in June 2014 from $4.890 billion in the corresponding period in 2013.
Cumulative imports for the first half of the year rose 5.4 percent to $31.346 billion from $29.752 billion posted a year earlier.
The PSA said the decline in imports for June was due to the drop in three out of the top 10 major commodities for the month: industrial machinery and equipment; electronic products; and other food and live animals.
Import receipts from industrial machinery and equipment slid 32.9 percent to $211.97 million from the year-earlier value of $315.81.74 million.
Electronic products imports contracted by 22 percent to $1.097 billion from $1.097 billion.
Other food and live animals recorded $156.23 million worth of imports, down 3.3 percent from $161.64 million.
China remained the top source of the Philippines’ imports, with a 17.2-percent share worth $809.64 million. Other top sources were South Korea, Japan, and the United States.