Imports bounce back in July

MANILA, Philippines – Merchandise imports rose in July due to a rebound in electronics shipments, the government reported Wednesday, September 25.

Data from the National Statistics Office showed the country imported $5.5 billion worth of goods in July, up 8.7% from $5 billion in the same month last year.

This was the second month this year that imports rose.

The July figure brought total imports for the first 7 months to $35 billion, down 2% year on year.

Electronics shipments in July jumped 33.1% to $1.6 billion from $1.22 billion in 2012. Materials/accessories for the manufacture of electrical equipment also soared 119.9%.

“This reflects the broadly upbeat prospects for the country’s export-oriented electronics industry for the remaining months of 2013. Also, this is backed by the consensus expectation of moderate growth in the global sales of semiconductor for the year,” said NEDA Officer-in-Charge and Deputy Director-General Rolando Tungpalan.

Majority of imports are raw materials used in the production of country's exports, which are a key economic driver.

The top import sources in July were China, USA, Korea, Taiwan and Japan. – Rappler.com