PHL registers slower imports in Aug. from July – NSO

Published October 25, 2013 11:13am

Philippine imports grew at a slower pace in August from a month earlier, and faster compared to a year earlier, the National Statistics Office (NSO) reported Friday.

The imports bill went up 6.9 percent year-on-year to $5.542 billion in August, according to NSO.

Inbound shipments were down from 8.7 percent in July, and was much than the 2.1 percent in August 2012.

The August 2013 import numbers brought the eight-month total inbound receipts to $40.644 billion, down 0.9 percent from a year earlier.

The trade deficit in August improved to $961 million $1.374 billion year-on-year, according to NSO.

It said the trade gap in January-to-August narrowed down to $5.642 billion, a better deficit number $5.720 billion year-on-year.

In a statement, National Economic and Development Authority Deputy Director General Emmanuel Esguerra noted the bulk of imports were for investment purposes of homegrown and Philippines-based firms.

“This shows buoyant economic activity for the second half of the year, Esguerra said.

“This outlook can be seen specifically in the number of firms with intentions to expand operations in the current and the next quarter of the year, which has remained at favorable levels,” he said.

Gains from imports of capital goods, however, were pared by a decrease in shipments of electronic goods – the Philippines top trade merchandise – which dropped by 9.0 percent to $1.340 billion, NSO data show.

Last Monday, the Semiconductor and Electronics Industries in the Philippines (SEIPI) bared that it now expects electronic exports to decline 10 to 12 percent this year, compared with its earlier forecast of 5 to 6 percent growth.

China remained the main source of imports, accounting for 13 percent of the total in August. The US was responsible for 9.4 percent of Philippine imports and Taiwan was credited for 8.5 percent. – Siegfrid Alegado/VS, GMA News

Tags: phlimports, nationalstatisticsoffice, nsoreport