Philippines' merchandise imports decreased for the second consecutive month in January, data released by the National Statistics Office showed Tuesday.
The value of imports decreased 3.2 percent year-on-year to $5.134 billion in January, after falling 6.4 percent in December. On a monthly basis, import of goods increased 10.8 percent during the month.
Arrivals of electronic products fell 26.9 percent annually to $1.344 billion in January, slightly faster than the previous month's 25.7 percent decease.
Imports of industrial machinery and equipment dropped 12 percent, while arrivals of telecommunication equipment and electrical equipment fell by 11.3 percent during the month. There was a 9 percent annual fall in imports of metalliferous ores and metal scrap.
Meanwhile, exports increased 3.1 percent on an annual basis to $4.123 billion in January, after recording declines in all of the previous eight months.
The trade balance was a deficit of $1.010 billion in January, down from the $1.302 billion deficit recorded a year earlier.
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