Imports contraction persists in May

PHILIPPINE imports continued to slip for the eight consecutive month in May, but at a slower pace, as purchases of electronic products abroad slightly recovered, the National Statistics Office (NSO) said.

The agency said the country’s total merchandise imports for May fell by 24.3 percent to $3.617 billion from $4.776 billion in the same month last year. This led the five-month tally to fall 32.9 percent to $16.257 billion from $24.243 billion in the same period last year.

The five-month trade deficit also fell 22.5 percent to $2.442 billion from $3.147 billion in the same period last year.

Month-on-month, imports however expanded by 18.9 percent from $3.042 billion in April.

Electronics, which accounts for 36 percent of the total import bill eased by 12.3 percent to $1.301 billion over last year’s $1.483 billion.

However, electronic imports rose by 40.7 percent month-on-month from $924.76 million in April.

Imports of mineral fuels, lubricants and related materials reached $505.25 million, down from last year’s $1.190 billion.

Cereals and cereal preparations, amounting to $348.37 million were up by 18.2 percent year-on-year.

Purchases of transport equipment fell 29 percent to $144.29 million from last year’s $203.30 million.

Imports of industrial machinery and equipment registered $121.76 million in May, down 34.4 percent from last year’s $185.53 million.

Rounding up the list of the Top 10 imports for May were organic and inorganic chemicals, $112.09 million; iron and steel, $72.75 million; plastics in primary and non-primary forms, $64.56 million; medicinal and pharmaceutical products, $61.89 million; and miscellaneous manufactured articles, $56.86 million.

Total payment for the country’s Top 10 imports reached $2.789 billion, or 77.1 percent of the total import bill.

The US was the Philippines’ biggest source of imports for May at $439.69 million, a decline of 19.5 percent from $545.98 million last year.

Japan sold the Philippines goods worth $393.28 million, lower by 21.8 percent from $503.21 million last year.

Payments for imports from the Top 10 sources amounted to $2.640 billion, or 73.0 percent of the total. –Darwin G. Amojelar, Senior Reporter, Manila Times