Phl import bill posts flat growth in July

MANILA, Philippines (Xinhua) - The import bill registered flat growth in July on the back of the steep decline in the purchases of electronic products from abroad, the country's statistics agency said today.

Data from the Philippine Statistics Authority (PSA) showed that the country's total import bill inched up by only 0.002 percent on year to $5.49 billion in July.

PSA figures indicated that the slow growth could be attributed to a 29.8 percent year on year decline in the inward shipments of electronic products during the period. Purchases of electronic products, which accounted for 20.8 percent of imports, amounted to $1.14 billion in July.

Fuels and lubricants were the top imported commodity during the period, accounting for 22.6 percent of total import bill. Payments for imported fuels and lubricants went up by 20.4 percent on year to $1.24 billion.

The biggest gainer during the period was transport equipment which accounted for 10.7 percent of imports. Purchases of transport equipment rose by 52.5 percent on year to $590.04 million.

The PSA said payments for inward shipments of raw materials and intermediate goods declined by 12.5 percent on year to $1.98 billion in July.

Major sources of imports for the Philippines during the period were China, Japan, the United States and Singapore.

The Philippines posted a trade deficit of $33 million in July, lower than the $635 million deficit posted in the same period last year.

The country's import bill for the January to July period reached $36.94 billion, 4.8 percent higher than the level posted a year ago.