Imports up 13.3% in June
By Ana G. RoaPhilippine Daily Inquirer
The country’s imports continued to expand in June, posting a 13.3-percent increase year on year, the fastest pace since August 2011, data from the National Statistics Office (NSO) showed.
Merchandise imports in June were valued at $5.101 billion, up from $4.504 billion during the same month last year, the NSO said.
Cid Terosa of the University of Asia and the Pacific said the expansion was mainly fueled by the abnormally high growth in transportation imports.
“I believe that growth would normalize below 10 percent in the coming months. The growth in electronics imports could push up import growth if sustained in the coming months,” Terosa said in a text message.
From January to June, the value of imports amounted to $30.761 billion, up 0.4 percent from $30.653 billion in the same period last year. Total external trade in goods reached $9.415 billion in June, up from last year’s $8.639 billion.
NSO earlier reported that exports rose by 4.3 percent in June to $4.314 billion from $4.135 billion in the same month last year.
The country posted a trade deficit of $787 million that same month, up from $369 million the previous year.
Electronics, which accounted for more than a fourth of total imports, rose by 27.1 percent in June to $1.458 billion from $1.147 billion in the same month last year.
The United States was still the top source of imports in June with a value of $803.42 million. Japan came in next with $608.93 million from $417.22 million.
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Tags: Business , Foreign trade , imports , Philippines , Trade
