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PH imports maintain growth in February

Rappler.com

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SUSTAINED GROWTH. The country sustained its import growth momentum in February 2014. File poto by AFPMANILA, Philippines – The Philippines sustained its “growth momentum” in imports in February, with merchandise imports growing by 0.3%, the National Economic and Development Authority (NEDA) said on Friday, April 25.

“The country’s imports maintained its growth momentum as its 3-month moving average growth was maintained at around 9.5% in February 2014,” NEDA Director General Arsenio M. Balisacan said in a statement.

Balisacan said improved imports performance reflects the rosy outlook of business, as seen in new public and private construction projects, boosted by rehabilitation efforts following Supertyphoon Yolanda (Haiyan).

Payments for imported goods during the period reached US$4.72 billion, from US$4.71 billion in February 2013, while the total trade-in-goods deficit was lower at US$1.6 billion in the first two months of 2014 from US$1.7 billion in the same period a year ago.

Balisacan said that higher import payments for raw materials and intermediate goods in tandem with consumer goods sustained the growth.

“Imports of raw materials and intermediate goods, which grew by 29%, and consumer goods, which increased by 6.8%, offset the lower payments for inward shipment of mineral fuels and lubricants and capital goods,” he said.

Imports of raw materials and intermediate goods reached US$2.2 billion in February this year, accounting for about 46% of total merchandise imports. 

“The imports performance of raw material and intermediate goods was mainly due to the increased inward shipments for both semi-processed and unprocessed raw materials,” Balisacan said.

He explained that the value of imported semi-processed raw materials grew by 30.1%, propelled by the 61.9% increase in the imports of materials and accessories for electrical equipment.

“The increase in this segment paralleled the optimistic prospects on the continued recovery of the country’s electronic exports, following the consecutive growths recorded in their export sales since September 2013,” the Cabinet official said.

NEDA also said that the value of imported consumer goods reached US$632.2 million in February 2014, from US$591.8 million in February last year.

European Union imports grew by 82.3% in February 2014 compared to the same month last year, which Balisacan said “reflects the Philippines’ higher demand for capital goods, particularly aircraft, ships and boats, power generating and specialized machines, as well as materials accounting for the manufacture of electrical equipment.”

China remained the top source of Philippine imports with a 12.1% share, equivalent to US$571 million. It was followed by the United States (10.3%), Japan (9.9%), South Korea (8.2%), Taiwan (6.6%), Thailand (5.8%), Germany (5.3%), Indonesia (5.0%), and Malaysia (4.7%). – Rappler.com

 

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