The National Economic and Development Authority said that the strong demand for consumer goods and electronics powered the recovery of imports in July 2007 at 14.3 percent, increasing from 3.8 percent in June and negative growth in April and May as reported by the National Statistics Office (NSO).

“Consumer goods imports sustained its momentum with 39.7 percent growth compared to year-ago levels. Both durable (41.3%) and non-durable (38.7%) goods imports showed continued strength. Articles of apparel and accessories experienced its first double digit growth (28.6%) in seven months,” Acting Socioeconomic Planning Secretary Augusto B. Santos said in a memorandum to President Gloria Macapagal-Arroyo.

The year-to-date growth increased to 4.1 percent with total imports reaching US$30.4 billion.

Electronic products, which account for 42.7 percent of the country’s total import bill for the month, posted a 12.8 percent growth, continuously accelerating since June, as all major components except control and instrumentation posted positive growth. In particular, semiconductors, which comprise the biggest chunk of electronic products, grew by 11.4 percent, according to the NSO.

“Imports of mineral fuels, lubricant and related materials also registered strong growth at 44.3 percent as prices rose in preparation for the US and Europe summer travel season. This, combined with the increase in raw materials and intermediate goods, effectively offsetting the decline in capital goods imports,” Santos added.

The United States continues to be the country’s top source of imports with a 12.5 percent share for the month, followed by Japan with 11.3 percent share. Saudi Arabia, Singapore, and China rounded up the top five with 11.2 percent, 10.5 percent, and 7.6 percent shares, respectively. (NEDA)