MANILA, Philippines (Xinhua) - The import bill in March went down by 8.4 percent on year to $4.92 billion due to lower purchases of five major commodities including electronic products, the National Statistics Office (NSO) said Friday.
Imports in March brought total import bill in the first quarter to $14.35 billion, 7.4 percent lower than the previous year's level.
The NSO said payment for electronic products, which accounted for 25.3 percent of total import bill in March, declined by 0.6 percent on year to $1.24 billion.
Payment for mineral fuels, lubricants and related materials, which accounted for 21.1 percent of total imports, went down by 32. 6 percent on year to $1.04 billion.
The Philippines also reduced its purchase of organic and inorganic chemicals, plastics, and industrial machinery and equipment in March.
On a month on month basis, however, Philippine imports in March increased by 4.6 percent from $4.7 billion registered in February.
Most of Philippine imports came from China, the United States, China's Taiwan and Japan.
The trade deficit in March declined to $593 million from last year's $1.04 billion