Philippines' June imports value at four-month low

Mon Aug 26, 2013 9:25pm EDT

Related Topics

* Electronics imports down 24.8 pct yr/yr to $1.1 billion
    * June trade deficit at $370 mln vs yr-ago gap of $789 mln
    * H1 trade deficit $4.03 bln vs $4.03 bln gap yr ago

    MANILA, Aug 27 (Reuters) - Philippine imports in June fell
4.8 percent from a year earlier, the statistics office said on
Tuesday.

KEY DATA         June    May    Apr    Mar    Feb    Jan    Dec 
  
Imports ($ bln)  4.86   5.26   5.14   4.92   4.71   4.73   5.30 
 
yr/yr chg (pct)  -4.8   -2.4   7.4    -8.4   -5.8   -7.9   14.4 
 
         
    KEY POINTS: 
    - The country's largest imports are inputs used by the
semiconductor and electronics industry, also the biggest export
sector and a major contributor to the economy. Imports of
electronic parts in June fell 24.8 percent from a year earlier,
after contracting a revised 11.1 percent in May. 
    - Total imports in the first half of the year were down 3.8
percent to $29.6 billion from a year ago. 
    - The country had a trade deficit of $370 million in June,
narrower from its year-ago gap, bringing the total trade gap in
January-June to $4.03 billion. 
    - Exports, which account for about two-fifths of the
country's GDP, rose 4.1 percent from last year, the highest
growth in six months. 
    - The electronics industry group has said it expects 5 to 6
percent growth for the country's main electronics exports this
year despite a 6.2 percent contraction in the first quarter,
with expectations of a pick-up in global demand for smartphones
and tablets. 
    - The Southeast Asian nation is targeting GDP growth of 6 to
7 percent this year, after a 6.8 percent expansion in 2012.
Manila will release second quarter GDP data on Aug. 29, and
economists forecast annual growth likely stayed above 7 percent
for the fourth quarter in a row. 
    - Socioeconomic Planning Secretary Arsenio Balisacan has
said the government may lower this year's exports and imports
growth targets of 10 percent and 12 percent, respectively. 
    - The Philippine central bank left its benchmark interest
rate unchanged at a record low 3.5 percent on July 25, with the
economy expected to remain strong despite subdued global
prospects and possible external shocks. 
 

 (Reporting by Erik dela Cruz; Editing by Shri Navaratnam)
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