Import bill down 2.6 pct in September

MANILA, Philippines (Xinhua) - Import bill declined by 2.6 percent on year to $5.56 billion in September due to a steep cut in purchases of electronic products from abroad, the local statistics agency said today.

Data released by the Philippine Statistics Authority (PSA) showed that inward shipments of electronic products went down by 22 percent on year to $1.36 billion. Electronic products were the top import commodity of the Philippines in September with a 24.6 percent share.

The PSA said purchases of transport equipment and products categorized under other food and live animals also slowed during the period.

Shipments of transport equipment, the country's third top import in September, contracted by 43.1 percent on year to $393.97 million.

The payment for purchases of raw materials and intermediate goods went down by 11 percent on year to $2.13 billion, accounting for 38.3 percent of total imports.

The country's top sources of imports during the period were China, the United States, Japan and South Korea.

The Philippines posted a trade surplus of $281 million in September, a reversal of a $663 million deficit recorded a year ago.

In the nine months to September, total imports amounted to $48.13 billion, 3.4 percent higher than the $46.52 billion posted in the same period last year.