Philippines import bill down 0.67pc

MANILA, Feb. 25 (Xinhua): Philippines import bill in 2013 declined by 0.67 per cent on year to 61.71 billion U.S. dollars on the back of lower purchases of electronic products and fuel, the National Statistics Office (NSO) said today.

In month of December alone, NSO said import bill went down by 0. 1 per cent on year to 5.3 billion U.S. dollars due to a decrease in the purchases of electronic products, industrial machinery and transport equipment from abroad.

Last year, data from the NSO showed that payments for imported electronic products declined by 4.72 per cent on year to 15.43 billion U.S. dollars.

Payments for mineral fuels and lubricant contracted by 4.67 per cent on year to 13.1 billion U.S. dollars on the back of lower purchases of petroleum crude.

The Philippines also bought less iron ore, wheat, chemical, and animal and vegetable oils and fats in 2013. Major sources of imports for the Philippines last year were China, the United States, Japan, and South Korea.

The Philippines posted a trade deficit of 7.73 billion U.S.  dollars in 2013, lower than the 10.02 billion U.S. dollars registered in 2012.