Imports rebound, post 12% growth
The value of goods shipped in and out of the country rose 4.7 percent year-on-year to $11.8 billion in August as traders prepared for the expected robust demand during the holiday season.
While manufacturing output and imports both jumped in August to reflect increased manufacturing activity, merchandise exports slid for the 17th straight month amid weak global demand.
In a statement, the National Economic and Development Authority (Neda) said total merchandise trade in August rose from the previous month’s $11.4 billion and reversed the 6.6-percent year-on-year drop posted that month.
“Strong domestic activity is expected to underpin demand for imports for the latter part of this year,” Neda Deputy Director General and officer-in-charge Rosemarie G. Edillon said.
In August, total manufacturing output, as measured by the Volume of Production Index, jumped 13.5 percent, faster than the 2.2-percent growth posted a year ago, the latest Monthly Integrated Survey of Selected Industries of the Philippine Statistics Authority (PSA) showed.
The Value of Production Index in August also grew by 8.4 percent, reversing the 5.8-percent decline last year.
Imports climbed 12.2 percent year-on-year to $6.9 billion in August to reverse the previous month’s 1.7-percent drop, PSA data showed.
Importation of transport equipment, miscellaneous manufactured articles, plastics, chemicals, food and live animals, industrial machinery/equipment, and telecommunication equipment and electrical machinery rose in August.
Imports of consumer goods and capital goods rose by 59 percent and 29 percent, respectively.
The value of imported goods that entered the country from January to August hit $52.4 billion, up 14.1 percent year-on-year.
As for exports, the decline narrowed to 4.4 percent to $4.9 billion in August compared with double-digit declines in the two preceding months. From January to August, exports were down 7.8 percent year-on-year to $36.4 billion.
