MANILA, Philippines - The country's merchandise imports declined by 9.6 percent in May, posting $4.765 billion from the $5.272 billion posted the same period a year ago.
"The decrease in total imports for this period was due to the negative performance of four out of the top ten major commodities for the month. These were: mineral fuels, lubricants and related materials; cereals and cereal preparations; industrial machinery and equipment; and electronic products," the Philippine Statistical Authority noted. It added that inward shipments of mineral fuels, lubricants and related materials posted the biggest loss at 43.6 percent.
Despite the decline in May, however, cumulative imports for the first five months of the year amounted to $26.336 billion, 5.9 percent higher than the $24.862 posted the same period in 2013. The balance of goods in May 2014 posted a $718-million surplus compared to the $141-million deficit in the same period last year.
Electronic products were the country's top imports, accounting for a 26.5-percent share of the total. This was followed by mineral fuels, lubricants and related materials (13.9 percent), transport equipment (8.9 percent) and industrial machinery and equipment (5.4 percent), and other food and live animals (3.8 percent).
Imports from China accounted for 15.2 percent, making the country the Philippines's biggest import source during the period. This was followed by the United States of America (11 percent), Malaysia (9.8 percent), Japan (8.7 percent) and South Korea (7 percent).
Goods from East Asia accounted for the biggest chunk of imports at 38.3 percent of the total, followed by those from the Association of Southeast Asian Nations (27.3 percent) and the European Union (22.6 percent).