Imports up 1.2% to $5.41B in February

The value of imported goods that entered the country in February rose 1.2 percent year-on-year to $5.41 billion, a slower pace of increase than the growth rates posted a year and a month ago.

A preliminary Philippine Statistics Authority report released yesterday showed that merchandise imports last February exceeded the $5.35 billion posted in the same month last year. However, the growth recorded that month was dwarfed by the 10.2-percent increase in February last year as well as the 30.8-percent jump in January.

During the first two months, imports totaled $12.24 billion, up 15.8 percent from $10.57 billion in end-February last year.

The National Economic and Development Authority (Neda) noted that higher importation of capital and consumer goods was sustained last February, making the Philippines the only country in the region to post imports growth that month.

“This growth indicates that amid a global economic slowdown, domestic demand, especially investments, remains strong. This will likely continue to drive imports growth within the short term,” Economic Planning Secretary Emmanuel F. Esguerra said in a statement.

Neda data showed that imports of capital goods climbed 57.5 percent year-on-year to $2.2 billion, recording the sixth straight month of double-digit growth.

“The continued strong imports growth of capital goods shows the country’s attractiveness to both local and foreign investors, particularly in the manufacturing sector. This also indicates a robust economic activity that is primarily supported by the country’s strong macroeconomic performance,” said Esguerra, who is also Neda director general.

As for consumer goods, imports grew 26.3 percent to $934.2 million, which Neda attributed to increased shipments of both durable and non-durable products.

However, Neda said imports of raw materials and intermediate goods as well as mineral fuels and lubricants dropped in February.

The country’s top sources of imported products remained China, Japan and the United States. Ben O. de Vera