Philippine March imports down 36.2 pct y/y

Published: 25 May 2009 17:07:05 PST

MANILA, May 26 - Philippine imports in March plunged 36.2 percent from a year earlier as shipments of its single biggest import, electronic parts, remained dismal, the government said on Tuesday.

The fall was higher than the annual drop of 31.9 percent in February and 34.5 percent in January.

The Philippines clocked up a trade deficit of $363 million in March and a first quarter deficit of $1.67 billion, the National Statistics Office said in a statement.

Imports of electronic parts, mostly assembled into finished products for export, were down 40.7 percent in March from a year earlier after a revised 42.8 percent annual drop in February.

Global demand for electronics has tumbled because of the economic crisis.