Merchandise imports for April 2010 rose by 45.3 percent year-on-year, amounting to US$4.4 billion, according to a preliminary report of the
National Statistics Office.
“Growth was broad-based as all the major sectors buoyed the increase in inward shipments. Raw materials and intermediate goods led the rise with a 54.7 percent growth rate, followed by capital goods (47.3%), mineral fuels
and lubricants (35.6%), and consumer goods (29.8%),” said Acting Socioeconomic Planning Secretary Augusto B. Santos in a memorandum for the President.
For the first four months of 2010, total merchandise imports amounted to US$17.2 billion, 35.7 percent higher than in the same period in 2009. This brings the cumulative trade deficit to US$2.3 billion.
According to Santos, notable growth was posted by raw materials and intermediate goods in April 2010. Overseas purchase of raw materials for electronic equipment manufactures more than double, posting a growth rate of 111.0 percent. Meanwhile, imports of manufactured goods and chemicals grew by 52.1 percent and 38.6 percent, respectively.
The growth in imported capital goods came from power generating and specialized machines (66.9%), land transport equipment (65.3%), office and electronic data processing machines (48.3%), and telecommunication equipment and electrical machinery (43.0%).
Imports of mineral fuels and lubricants grew by 35.6 percent on account of the 86.9 percent surge in imported petroleum crude.
“The increase in imports of petroleum crude was partly due to the Dubai oil price which went up by 66.8 percent to an average of US$83.59 per barrel in April 2010,” Santos said.
Meanwhile, Japan remained the Philippines’ top source of imports in April 2010 with a 12.6 percent share. Following are the United States (10.8%), Singapore (10.0 %), PR China (8.0%), and Thailand (6.4%). Inward cargos from the rest of ASEAN covered 29.2 percent of the total merchandise imports.
About 44.8 percent of imports from the top five sources comprise telecommunication equipment and electrical machinery, raw materials for electronic manufactures, and miscellaneous mineral fuels and lubricant.
At the regional level, imports by neighboring countries continued to post gains in April. Imports growth was highest in Indonesia with 72 percent,
year-on-year. Other top performers in East Asia were PR China (49.7%), Taiwan ROC (43.5%), and Republic of Korea (42.2%).
