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Imports grew 7.4% to $5.14B in April, says NSO


The country’s imports grew in April from a year ago, reversing the decline seen in the three previous months and fueling hopes local industries would ramp up output over the short term.

Merchandise imports amounted to $5.14 billion in April, up by 7.4 percent from $4.79 billion in the same month last year, the National Statistics Office reported Tuesday.

This brought the total imports for the first four months of the year to $19.5 billion, still down by about 4 percent from $20.3 billion in the same period last year.

The imports data for April resulted in a trade deficit for the month of $1.02 billion. Exports for April were earlier reported at $4.12 billion.

Socioeconomic Planning Secretary Arsenio Balisacan said an encouraging detail in the imports report for April was that capital goods imports grew by nearly 20 percent.

This indicated that some firms, led by those in the transport and power sectors, are poised to boost production in anticipation of growing orders from local and foreign buyers.

“Imports of capital goods increased significantly. This sends a good signal on what economic prospects would be like,” Balisacan told reporters yesterday on the sidelines of a World Bank-organized forum on climate change.

Data from the NSO showed that capital goods, which accounted for 28.5 percent of the total import bill for April, rose year-on-year by 19.7 percent to $1.47 billion.

“Robust investments in the power and transportation sectors drove overseas purchases to a solid recovery in April,” Balisacan said.

However, imports of raw materials and intermediate goods fell by about 9 percent to $1.74 billion.

Mineral fuels and lubricants rose by 21.4 percent to $1.28 billion.

Consumer goods rose by 11.4 percent to $613.17 million, reflecting expectations among firms that demand from domestic households will continue to grow in the coming months amid a generally favorable outlook for the Philippine economy.

Balisacan, who is also director general of the National Economic and Development Authority, said the increase in importation of consumer goods substantiated an earlier report by the central bank on improving consumer confidence in the country.

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Tags: Business , imports , NSO , Philippines

  • Weder-Weder Lang

    When it rains, it pours. The highly-touted PSEi of PNoy is down down down. Peso is down down down. The already low FDIs went further down down down. Exports went down down down. Just about the only thing looking up is unemployment which is going up up up, if it hasn’t completely taken off yet. Now this, imports going up up up. So instead of encouraging and expanding our manufacturing base we are importing more more more. In turn, we are creating less jobs in the Philippines and investing more jobs in those countries where we import stuff from. To make matters worse, instead of encouraging honest-to-goodness hardwork, PNoy has been touting the record-highs of the casino stock market. Ain’t life a gamble under PNoy’s rule, made even more precarious with his mismanagement.

  • bongarroyo

    kapag ganitong mga balita meme dito ang mga talangks..

    ayaw nila ng ganitong balita segurado pass sila sa pag comments dito… LOL

    • spitfire

      ungas, wala talagang laman yang pagitan ng mga tainga mo.

      If the imports grew, where are the custom duties. Bakit di pa rin maabot ang target ng BOC sa kabila ng ibinaba na nila ang quota nila at tumaas ang imports sabi ng NSO.

      Failure pa rin. Kahit na ba abot sa langit ang imports kung bagsak din naman ang collection ng custom duties dahil sa smuggling so anong kapararakan dyan? Idiniin lang lalo ng NSO ang BOC sa statistics nila. Of course, di maabot ng isip mo yan dahil utak mikrobyo ka lang.

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