Phl import down 8 pct on year in Jan.
MANILA, Philippines (Xinhua) - Philippine import bill in January declined 8 percent on year to $4.72 billion on back of a sharp fall in the import of electronic products, the National Statistics Office reported today.
This is the first time in the last five months that import growth contracted. Analysts said that this reflects the weakness in the country's electronics export sector.
Electronic products, which include semiconductors, account for nearly a quarter of the total import bill and fell 14.4 percent to $1.15 billion. These imports were used by the local semiconductor and electronics industry - the Philippines biggest export sector.
The NSO said the country's purchase of mineral fuels, chemicals and plastics likewise declined in January.
Most of the country's imports were sourced from China, the US , Republic of Korea, Japan and Taiwan.
Trade deficit in January narrowed to $714 million from $1.01 billion deficit in the same period last year.
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