Philippine import bill in June up 6.6% on year

The Philippine import bill in June rose 6.6 percent on year to 4.50 billion U.S. dollars on back of increased import of mineral fuel, the National Statistics Office said Thursday. Payment for imported mineral fuels, lubricants and related materials accounted for 23.1 percent share on total import bill and posted an annual growth of 42.5 percent. The main drag to import growth were electronic products, which accounted for 25.5 percent of the total import bill. Electronic imports fell 20.7 percent on year to 1.15 billion U.S. dollars. China is the Philippines' top import source in June accounting for more than 10 percent of its imports for the month. Japan, the U.S. and Singapore were also among the key import sources for June. The balance of trade in goods registered a deficit at 376 million U.S. dollars in June compared to last year's surplus of 332 millionn U.S. dollars. For the January to June period, the Philippine merchandise imports increased by 15.6 percent on year to 30.501 billion U.S. dollars.