PH Sept imports drop 2.6% on-year

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Philippine merchandise imports in September fell 2.6 percent in value terms from a year earlier, with three of the top 10 major commodities accounting largely for the decline, data from the Philippine Statistics Authority (PSA) showed on Tuesday.

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Total import payments in September dropped to $5.568 billion from $5.719 billion in the corresponding period in 2013.

The PSA data showed declines in the import of transport equipment by 43.1 percent, electronic products by 22 percent and food and live animals by 0.9 percent.

China remained the top source of Philippine imports, with a 14 percent share of the total or $781.01 million worth in September. Other top sources were Taiwan, the United States, Japan, and South Korea.

For the nine months to September, cumulative imports remained on the rise, registering a 3.4 percent increase in import receipts to $48.134 billion from $46.529 billion in the same period a year earlier.

mc/nt

 

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