Philippine import bills declined 3. 2 percent on year to 5.13 billion U.S. dollars in January on the back of a huge decline in the purchase of electronics, the National Statistics Office said Tuesday.
Payment for electronic parts, which account for about half of the country's import, dropped 26.9 percent on year to 1.34 billion U.S. dollars.
China was the biggest source of imports for the Philippines, accounting for 10.4 percent of total purchases. Other key import sources include Japan and the U.S.
The trade deficit in January narrowed to 1.01 billion U.S. dollars, compared to the 1.30 billion U.S. dollars trade gap in the same period last year.