Philippines Import increased a lot in July

The largest import category is inputs used by the semiconductor and electronics industry, the country's biggest export sector and a major contributor to the Economy Imports of electronic parts fell 28.6% in July from a year earlier after a 20.7% annual drop in June.

Merchandise exports fell 1.7% in July from a year earlier a third consecutive annual fall although the value of monthly shipments hit a high for 2011.

Socioeconomic Planning Secretary Cayetano Paderanga has said the government's 2011 macroeconomic targets including the 9 to 10 percent export growth estimate and 17 to 18 % imports growth forecast which will be reviewed after second quarter growth slowed more than expected.

Annual growth in the second quarter slowed to 3.4 % from the previous quarter's revised 4.6 % due largely to sluggish exports and weak government spending.

Apart from electronic parts and fuel, the Philippines' other top imports are cereals such as rice, electrical and industrialmachinery steel and metal scraps.