Philippine imports down for second straight month in June

Mon Aug 25, 2014 9:32pm EDT

Related Topics

* Electronics imports down 22 pct y/y, steepest since June
2013
    * June trade surplus at $731 mln vs $399 mln gap a year
earlier
    * H1 trade deficit $1.53 billion vs $2.24 bln gap a yr ago

    MANILA, Aug 26 (Reuters) - Philippine imports in June fell
3.6 percent from a year earlier, the statistics office said on
Tuesday.

KEY DATA                Jun     May    Apr    Mar    Feb    Jan
    
Total imports ($ bln)  4.72    5.06   5.35   5.48   4.79   5.96 
  
yr/yr chg (pct)        -3.6    -4.0    3.8    10.6    1.7  24.7
    
Electronics ($ bln)   0.86    1.28   1.04   1.20   1.28   1.29  
 
yr/yr chg (pct)       -22.0     0.2   -3.1   -3.5    2.2   12.1
    
    NOTE: Some numbers for May were revised. Previous data for
2014 were revised. The Philippine Statistics Authority had
revised the trade data series for 2013 and is in the process of
reworking data for 2012 and earlier years.
    
    KEY POINTS:
    - Top imports in June declined for the second straight month
due to a drop in the purchase of electronic products, industrial
machinery and equipment, the statistics agency said. 
    - Electronics, which account for 18.1 percent of the total
bill, fell 22 percent from a year earlier, the steepest since
June 2013.
    - Mineral fuel imports, which account for 24.7 percent of
total imports in June, were up 9.4 percent.
    - The Philippines had a trade surplus of $731 million in
June, bringing the trade gap in the first half of the year to
$1.53 billion.
    - The electronics industry group has forecast electronic
exports will grow 5 percent this year.
    - The Philippine government expects imports in 2014 to grow
9 percent, ahead of a previous forecast of 6 percent, before
rising to 10 percent next year and 12 percent in 2016, on higher
shipments of construction materials for rebuilding after last
year's super typhoon and the start of big infrastructure
projects. 
    - Manila forecast an export growth of 6 percent this year, 8
percent next year and 10 percent in 2016.
    - Officials have set an economic growth target of 6.5-7.5
percent this year, after a growth of 7.2 percent in 2013.

 (Reporting by Erik dela Cruz; Editing by Subhranshu Sahu)
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