Philippine imports fall 32% in February

The Philippines’ merchandise imports fell 31.9% in February year-on-year to US$3.06 billion, the fifth consecutive month that the country’s import receipts contracted as manufacturing slackened amid weak global demand. Electronic products, which accounted for 35.1% of the total import bill, posted the sharpest rate of decline. Imports of mineral fuels and lubricants, transport equipment and cereals also contracted at double digit levels. Most of Philippine imports were sourced from the United States, Japan, China and Singapore. Raw materials and intermediate goods accounted for 44.2% of the total import payments. The shrinking export and import bill reduced total external trade in goods for February by 35.3% year-on-year to US$5.57 billion. (April 24, 2009)