Imports up 7.5% in Oct

MANILA, Philippines - Philippine imports grew 7.5 percent in October supported by the positive performance of eight major commodities.

The Philippine Statistics Authority (PSA) said yesterday the country’s total imports reached  $5.207 billion in October this year, up from the $4.844 billion in the same month last year.

Socioeconomic planning chief Arsenio Balisacan said the year-on-year increase in the country’s imports in October is the second highest recorded among selected economies in the East and Southeast Asian region for the month.

Vietnam led the region with a 12.6- percent imports growth, while Malaysia placed third with a 6.1-percent uptick.

Other countries, meanwhile experienced declines such as Hong Kong (-1.2 percent), Taiwan (-1.4 percent), Indonesia (-2.2 percent), Republic of Korea (three percent), Thailand (-4.9 percent), Japan (-6.7 percent ) and Singapore (-7.5 percent).

The PSA attributed the increase in total imports in October to the positive performance of the following commodities: plastics in primary and non-primary forms; iron and steel; other food & live animals; miscellaneous manufactured articles; mineral fuels, lubricants and related materials; telecommunication equipment and electrical machinery; industrial machinery and equipment; and cereals and cereal preparations.

Balisacan said the increase in consumption spending usually seen when the “ber” months kick in contributed to the growth in imports in October.

“The seasonal uptick in consumer spending during the last quarter of the year, coupled with cheap oil prices and lifting of the truck ban in Manila starting in mid-September, supported imports growth for the period,” he said.

The PSA noted that China remained the top source of Philippine imports in October with its 16.4-percent share valued at $851.84 million, 35.2 percent higher than the previous year’s $630.09 million.

Japan placed second with its 8.6 percent share amounting to $448.13 million, which rose 5.2 percent in October from $425.87 million in the same month in 2013.

This was followed by Taiwan which accounted for a 7.9 percent share worth $411.58 million in October this year, a 6.9 percent uptick from last year’s $384.85 million.

For the January to October period, total Philippine imports climbed by four percent to $53.420 billion this year from $51.373 billion a year ago.

“In the near-term, the acceleration of the manufacturing sector could support stronger imports of raw materials and intermediate goods in the coming months, in time for the surge in domestic demand during the peak of the holidays towards the yearend,” Balisacan said.