MANILA: The Philippines imported $6.529 billion worth of goods in April, surging by 29.2 percent from $5.053 billion a year earlier, the Philippine Statistics Authority (PSA) reported Friday.
“The continued strength of merchandise imports, buoyed by purchases of capital goods and durable goods, hints of a robust economic performance in the second quarter,” said outgoing National Economic Development Authority (NEDA) Director-General Emmanuel Esguerra in a separate statement.
“Consumer spending is also expected to support the growth of merchandise imports in the coming years, especially if the incoming administration pushes through with reforms to make income taxes more progressive,” Esguerra noted.
The positive performance of nine out of 10 major imported commodities for the month, led by metal products – up 91 percent – boosted the country’s imports, the PSA said. The imports in April were up $171 million or 2.68 percent from $6.538 billion in March.
The country’s balance of trade or the difference between imports and exports registered a deficit of $2.275 billion, wider than the $618.95-million deficit in the same comparable period last year, according to the statistics office.
In January to April, imports amounted to $25.126 billion, up 13.5 percent from $22.142 billion year-on-year. Capital goods registered double-digit growth of 56.7 percent to $2.2 billion for the eight straight month due to stronger demand for telecommunications equipment and electrical machinery, power generating machines, and land transport equipment, NEDA said.
