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August 25, 2007
Imports rise 2.3% in first half of 2007

Philippines' merchandise imports grew by 2.3 percent to 25.3 billion U.S. dollars for the first six months of 2007, the National Statistics Office (NSO) has said.

The NSO said imports payments rose 3.8 percent to 4.71 billion U.S. dollars in June after two months of negative growth, according to a report by The Manila Bulletin daily on Saturday.

The growth in imports for June was powered by the recovery of electronics products, raw materials and imported goods, as well as the continued strong demand for consumer goods, said the report.

Imports of electronic products, comprising about 46.5 percent of the total import bill, increased by 8.4 percent as semiconductors recovered with 9.9 percent growth.

The import figures brought the June trade deficit to 589 million U.S. dollars, 22.9 percent above the year-ago figure.

The trade deficit in the first six months of the year, however, fell 44.7 percent to 776 million U.S. dollars. Xinhua reports

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