The Philippine Statistics Authority (PSA) reported a strong 29.2 percent growth on imports in April 2016 due to a double-digit growth in the purchases of capital goods, raw materials and intermediate goods, and consumer goods.
The total imports reached $6.5 billion, a $1.4 billion increase from the same month last year, as shown in a preliminary report by the PSA.
The growth in capital goods in April 2016 marks the eighth consecutive month of positive double-digit increase, due to the stronger demand for telecommunication equipment and electrical machinery, power generating machines, and land transport equipment. This month’s growth is also the fastest in 5 years since November 2010’s 35.6 percent climb.
The PSA attributed this increase to the surge in the top nine imported commodities, led by the imports of metal products. Furthermore, electronic products remain to be the country’s top import with a 26.7 percent share
China remained as the country’s top source of imports, valued at $1.309 billion. Along with China, the East Asian economic bloc accounted for 47 percent of the total imports. Japan, the United States, Thailand, Singapore, Indonesia, and Malaysia are also part of the country’s prominent sources of imports.
Director general of the National Economic Development Authority (NEDA) Emmanuel F. Esguerra said that this increasing trend is expected to continue for the rest of the year as the incoming administration has vowed to continue with infrastructure spending.
