Imports up 8.7% in July on electronics rebound

The country’s imports rebounded in July from a year ago after a slump in the two previous months as global demand for electronics improved.

The increase in imports for July substantiated earlier projections that purchases by key export markets would improve in the second half as the global economy continued to go through the recovery process.

The National Statistics Office reported Wednesday that imports grew by 8.7 percent year on year to $5.49 billion in July.

Electronics, which accounted for nearly a third of the country’s import bill, led the gain as sales to foreign markets amounted to $1.63 billion, up 33 percent from a year ago.

“This reflects the broadly upbeat prospects for the country’s export-oriented electronics industry for the remaining months of the year,” Neda Deputy Director General Rolando Tungpalan said in a statement.

Imports in July brought the total for the first seven months of 2013 to $35.1 billion, which was still lower by 2 percent from a year ago.

With exports for the same seven-month period at $30.42 billion, the country’s balance of trade as of July settled at a deficit of $4.68 billion.

Mineral fuels, lubricants and related materials were the second-biggest imports for July, with receipts amounting to $1.03 billion. Unlike electronics, however, imports of items in this group registered a 14-percent contraction from a year ago.