Imports rise 2.5% in September (Nine-month trade deficit is highest in 3 years)
Reuters
Inquierer.net
MANILA, Philippines – (UPDATE) Philippine imports rose 2.5 percent in September despite a fall in purchases of electronics parts, which reflects the sharp slowdown in the country’s biggest export item.
Electronics purchases, which make up over one-third of all imports, fell 26.1 percent year-on-year in September while cereal and cereal preparations imports surged 241.5 percent.
Electronics imports mainly comprise parts used as inputs for semiconductor exports and the sector is feeling the effects of a slowdown in US demand that is contributing to a rising trade deficit.
The Philippines had a trade deficit of $425 million in September and a deficit of $6.419 billion in the first nine months of the year. The nine-month trade deficit is the highest in three years.
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