Imports rise 6.6% to US$5Bil in July

The country’s merchandise imports in July expanded by 6.6% year-on-year to US$5Bil, matching the growth recorded during the previous month. However, imports of electronics and semiconductor, which represents almost one-fourth of total imports, contracted by 28.6% in July to US$1.17Bil amidst the weak global demand. Meanwhile, higher oil prices led to an 82.6% increase in inbound fuel shipments from US$ 719Mil last year to US$1.31Bil. With exports totaling US$4.43Bil in July, the country’s trade deficit settled at US$570Mil for the period, bringing the year-to-date gap to US$6.31Bil.

via Census