Philippines imports declined sharply in January largely due to weak demand for electronic products, data from the National Statistics Office showed Tuesday.
Imports fell 8 percent on a yearly basis, reversing a robust 14.4 percent growth in December. Similarly, it was down 10.9 percent from a month ago, when it grew 3.1 percent.
Exports also showed a 2.7 percent annual decrement to $4.01 billion from $4.12 billion in January 2012. As a result, the visible trade gap narrowed to $714 million in January from $1.01 billion deficit in the same period last year.
Accounting for 24.4 percent of the aggregate import bill, payments for electronic products plunged 14.4 percent over the last year in January. Month-on-month, imports of electronic goods dipped 10.8 percent. Likewise, imports of mineral fuel, lubricants and related materials decreased 30 percent annually.
Meanwhile, imports of transport equipment and industrial machinery and equipment advanced 24.3 percent and 10.9 percent, respectively, from the previous year.
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