SHIPMENT: Merchandise imports bounced back in June to hit a 17-month high on the back of higher shipments mainly of electronic products, the government reported this morning.
Preliminary data by the Philippine Statistics Authority showed that a total of $5.92 billion worth of goods was shipped into the country, up 22.6% from the revised $4.83 billion posted in the same month last year — and the highest reading after a 25.7% rise in January 2014.
Inbound shipments amounted to $30.72 billion in the first half of the year, down by 2.8% from a year earlier. With exports down by a revised 4.5% in the first half to $28.89 billion, the trade deficit came in at $1.84 billion.
Electronic products, which accounted for 33% of the total June import bill, surged 120.2% to $1.96 billion. Semiconductors, which had a 28% share of the segment, rose 168.1% to $1.66 billion.
Payments for raw materials and intermediate goods, which made up 48.9% of the total, rose by 49.2% to $2.87 billion in June. Capital goods, which accounted for 22.5%, were up 23.8% at $1.33 billion.
China was the top source of imports in June with a 14.9% share. It was followed by the United States with 14.3% and Japan, 8.3%. – Mark T. Amoguis
