MANILA, Philippines (Xinhua) - Philippine import bill declined by 3.6 percent on year to $4.71 billion in June on the back of the country's lower purchases of electronic products, the local statistics agency said today.
The June imports data marked the second consecutive month of decline in the country's purchases of goods from abroad this year, after posting increases from January through April.
Figures from the Philippine Statistics Authority (PSA) showed that the country's purchases of electronic products went down by 22 percent on year to $855.2 million in June. Electronic products were the second top imported commodity of the country, accounting for 18.1 percent of shipments during the period.
Payments for imported industrial machinery and equipment also fell by 32.9 percent on year to $211.97 million in June. Imported industrial machines accounted for 4.5 percent of the country's total import bill.
Fuel was the top imported commodity of the Philippines, accounting for 24.7 percent of shipments during the period. Purchases of imported fuel rose by 9.4 percent on year to $1.16 billion.
The country posted a trade surplus of $731 million in June, a turnaround from the $399 million deficit recorded in the same period last year.
Major sources of imports for the Philippines during the period were China, South Korea, Japan, the United States, and Singapore.
The country's total import bill for January to June amounted to $31.34 billion, 5.4 percent higher than the $29.75 billion registered in the same period last year.