MANILA: Philippine merchandise imports rose by 6.7 percent year-on-year to 6.17 billion U.S. dollars in September, the National Economic Development Authority said Wednesday.
Trade data released by the Philippine Statistics Authority indicate that significant increases in the importation of raw materials and intermediate goods, capital and consumer goods buoyed up merchandise imports to 6.2 billion U.S. dollars in September 2015 from 5.8 billion U.S. dollars in the same month last year.
Seven of the top 10 major imported commodities showed positive performance during the month. These include metal products (115.4%); iron and steel (59.7%); industrial machinery and equipment (56.2%); transport equipment (43.0%); telecommunication equipment and electrical machinery (34.7%); electronic products (34.7%); and miscellaneous manufactured articles (4.6%).
Imports for the first nine months to September reached 49.915 billion U.S. dollars, 2.3 percent higher from 48.803 billion U.S. dollars during the same period last year.
Philippine Economic Planning Secretary Arsenio Balisacan expressed belief that imports will continue to increase in the coming months.
“Upbeat sentiment from the business sector and an overall improvement in consumer expectations for the coming quarter will likely keep imports afloat, especially those in the manufacturing and construction sectors. Improved purchasing power due to low inflation will also keep consumer demand vibrant in the succeeding months, and will further be ramped-up by holiday spending,” he said.
“The growth registered in capital goods for September (40.7%), which is the highest for the year, is also an indication of robust economic activity moving forward,” he added.
Also, import bills for consumer goods grew by 10.1 percent to 876.8 million U.S. dollars in September this year from 796.4 million U.S. dollars in September 2014, mainly on higher purchases of durable goods particularly of passenger cars and motorized cycle.
However, payments for non-durable goods, primarily rice, registered a decrease during the period because of lower rice volume purchased on a year-on-year basis.
“The drop in rice imports may only be temporary as the government allowed for additional rice imports in the fourth quarter of the year given the prevailing El Nino, which is still affecting domestic rice production,” said Balisacan.
