Imports drop13.4% in May

MANILA, Philippines - Imports fell for a third straight month in May to $4.391 billion, a 13.4 percent drop from $5.069 billion in the same period last year, data from the Philippine Statistics Authority showed.

The PSA traced the decline to the negative performance of eight out of the top 10 major imported commodities for the month: transport equipment; mineral fuels, lubricants and related materials; iron and steel; plastics in primary and non-primary forms; miscellaneous manufactured articles; electronic products; other food and live animals; and telecommunication equipment and electrical machinery.

The power generating and specialized machinery and industrial machinery and equipment are the only gainers in May, registering an increase of 52.7 percent and 20 percent, respectively.

Thus, from January to May 2015, total imports remain weak as it declined 7.4 percent to $24.804 billion.

Electronic products imports amounted to $1.167 billion, the highest share of the total import bill at 26.6 percent, but this was 12.2 percent lower compared with May 2014’s $1.330 billion.

Imports of mineral fuels, lubricants and related materials had a reported value of $668.28 million, also 24.8 percent down from $888.76 million in May 2014.

Industrial machinery and equipment contributed seven percent to the total import bill and was the country’s third top import in May. It registered $308.13 million, 20 percent higher compared to last year’s $256.74 million.

Transport equipment placed fourth with a 6.6 percent share to total imports and a value of $288.92 million, a 32 percent decline from its previous year’s value of $424.95 million.

Other food and live animals, which was fifth with a four percent share to total import bill, registered $175.74 million worth of imports or a 3.2 percent decrease from $181.56 million in May 2014.

Rounding up the list of the top 10 imports last May were: plastics in primary and non-primary forms valued at $125.16 million; miscellaneous manufactured articles, $124.72 million; iron and steel, $112.95 million; telecommunication equipment and electrical machinery amounting to $109.17 million; and power generating and specialized machinery, $89.73 million.

Total payments for the top 10 imports for May 2015 reached $3.170 billion or 72.2 percent of the total import bill.

China remained the biggest source of imports with a 16.4 percent share with payments at $719.92 million, one percent lower than the $727.40 million in May 2014. Philippine exports to China reached $529.15 million and generated a total trade value of $1.249 billion and $190.78 million in deficit.

The second biggest source of imports is the United States, including Alaska and Hawaii, with 9.7 percent share in the total import bill which amounted to $426.01 million, a 21.8 percent decrease from $544.85 million in the same period last year.