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Philippine imports fall 6.8 pct in March

Xinhua, May 26, 2015 Adjust font size:

Philippine imports contracted by 6.8 percent in March following a drop on payments for mineral fuels, lubricants, and raw materials, the government said Tuesday.

Total import payments plunged to 5.1 billion U.S. dollars in March from 5.5 billion U.S. dollars from the same period a year ago, the Philippine Statistics Authority (PSA) said.

The decline came after a 10.2 percent rebound in February this year and a 10.8 percent annual growth in March 2014.

Lower crude oil prices and the lower demand for non-oil mineral products reduced the value of imported mineral fuels and lubricants by 47.3 percent, to 681.3 million U.S. dollars in March this year from 1.3 billion U.S. dollars from the same period last year.

National Economic and Development Authority (NEDA) Director General Arsenio Balisacan said that most trade-oriented economies in East and Southeast Asia, except for Vietnam, posted a decline in merchandise imports in March.

The reduced values of imports primarily from China, South Korea and Singapore contributed to a drag on imports during the period, he said. Endi