2014.11.2423:17:00UTC+00Philippine Imports Down Unexpectedly In Sept, Posts Surplus On Strong Exports

Philippines imports declined unexpectedly in September after rising in the previous two months, preliminary figures from the Philippine Statistical Authority showed Tuesday.

Total imports dropped 2.6 percent year-on-year in September, in contrast to a 0.9 percent rise seen in the previous month. Economists had forecast a 1.3 percent growth for September. It was the first decline in three months.

Imports of electronic products, accounting for 24.6 percent of the share, plunged 22.0 percent in September.

At the same time, exports surged up 15.7 percent, faster than the 10.5 percent increase in August and the 5.1 percent gain for the year-ago period.

Consequently, trade balance of the country stood at a surplus of $281 million in September versus a deficit of $137 billion in August. A year ago, the nation recorded a deficit of $663 million. Economist had forecast a $2.0 million deficit for September.

Payment for purchase of raw materials and intermediate goods in September accounted for 38.3 percent of the total imports. Imports from China remained as the country's biggest source of imports with 14.0 percent share during the month.