MANILA, Philippines – Merchandise imports increased by 30.3% in January, the strongest growth in 7 years, as shipments of oil products as well as capital and consumer goods improved.
The National Statistics Office (NSO) said the country’s aggregate import bill for the month reached $4.26 billion, higher than $3.27 billion a year ago. As a result, trade deficit was lower at $682 million compared to $759 million last year.
Philippine imports are dominated by inputs used by the semiconductor and electronics industry, the country’s biggest export sector and a major contributor to the economy.
Inward shipments of electronics, which accounted for 31.4% of the total bill, were up 2.2% in January from a year ago. The growth was slower than the 8.5% annual rise in December.
Oil imports posted a robust increase of 96.2% to $827.92 million from the previous year’s level of $421.93 million. They comprised 19.4% of total imports.
Meanwhile, imports of capital goods went up 51.4% to $1.38 billion while purchases of consumer goods amounted to $545.30 million, a 70.6% increase.
Among the sources of the country’s imports, the US was the biggest, with a share of $570.72 million or 13.4% of the total bill.
Singapore came in second, followed by Japan, China, and Taiwan.
Last year, overall imports dropped 24.2%, in line with the government’s forecast of a 25% decline. The government expects imports to climb 13% to 15% this year.
Merchandise exports, on the other hand, surged 42.5% in January from a year ago to $3.58 billion, the highest jump in 15 years, boosted by a 51.2% rise in electronics shipments.
Exports are forecast to grow 7% to 9% this year after a 21.9% drop in 2009.–abs-cbnNEWS.com
#WearMask #WashHands
#Distancing
#TakePicturesVideos
