Quantcast
Latest Stories

PH October imports at 4-mo high; demand still slow



The country’s imports in October climbed 4.3 percent from a year earlier, the fastest rise in four months, but there was no sign of a major rebound in trade with overall external demand remaining weak.

The year-to-date import bill likewise dampened hopes that the Philippines would meet the 12 percent imports growth target for 2012, according to economists.

The National Statistics Office on Friday said the value of the inbound shipments in October alone increased to $5.24 billion from $5.024 billion recorded in the same month last year.

The government attributed this slight growth to the increase in the shipping of mineral fuels, cereals and related products, transport telecommunication equipment, electrical and industrial machinery and electronic products.

Payments for electronics, which accounted for one-fourth of the total import bill, rose by 8.7 percent to $1.345 billion from $1.237 billion in October 2011.

The electronics sector, which assembles components for shipment later, expects its exports to be flat this year on slow demand mainly from its traditional markets in the West, though it sees modest growth in 2013.

On the other hand, purchases of mineral fuels and lubricants, which is the country’s second biggest import, slowed down by 7.5 percent from $1.159 billion in October 2011 to $1.073 billion.

“The monthly imports numbers indicate a great deal of volatility and pointing to an almost flat growth rate … I don’t see how the October growth can be sustained in the next few months,” Benjamin Diokno of the UP School of Economics said in an e-mail.

He explained that as of October, imports registered a marginal uptick of 0.9 percent, which should be seen as a “a sharp departure from the annual imports target of 12 percent.”

On a full-year basis, Diokno said he expected imports to grow by less than 2 percent, which is far below the government’s 12 percent target.

But the trade picture may be slightly better next year than this year, especially with an expected recovery in the United States.

The United States was the country’s top import source in October, accounting for 11.5 percent of total purchases, with shipments of mainly semiconductors and cereals rising 22.3 percent from a year ago.

The second biggest import source was China with an 11.3 percent share, with shipments up 23.3 percent comprising mostly telecommunications equipment and electrical machinery.

Imports from Eastern Asia—the top import source by economic bloc, accounting for 40 percent of total shipments, were up 7.9 percent in October from a year earlier.

Southeast Asia and the European Union were the second and third top economic blocs. Nina P. Calleja with a report from Reuters.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , imports



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace