Imports up 8.7% in July

MANILA, Philippines - Merchandise imports improved in July from the same month a year ago amid positive performance of electronic products and five other commodity groups, the National Statistics Office (NSO) said.

The NSO reported yesterday that imports went up 8.7 percent to $5.486 billion in July from $5.047 billion in the same month last year.

The latest imports result reverses the 4.8 percent year-on-year decline seen in June.

The statistics agency said that compared to the previous month’s $4.860 billion, the value of imports in July increased 12.9 percent.

“The positive growth was brought about by six out of 10 major commodity groups with positive year-on-year change,” the NSO said.

Electronic products, which emerged as the top imported commodity in July, rose 33.1 percent to $1.627 billion from $1.222 billion in the same month a year ago.

The Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) said in a statement yesterday the “increase in imports will bode well for an increase in exports in the traditionally strong fourth quarter of every year.”

Apart from electronic products, imports of iron and steel helped drive higher imports in July, as its value climbed 36.6 percent year-on-year to reach $135.62 million in July.

Transport equipment was another driver in the increase in imports, as it reached $389.12 million in July, 32.4 percent higher than the previous year’s level of $293.98 million.

Other commodity groups which contributed to the growth in imports in July were food and live animals; telecommunication equipment and electric machinery; as well as plastics in primary and non-primary forms.

In terms of the Philippines’ source of imports, China accounted for the biggest share or 13.4 percent of the total bill in July.

Imports from China were valued at $737.14 million in July, up 36.6 percent from the $539.75 million in the same month in 2012.

“The increase was attributed to the purchases of iron and steel, mineral fuels, lubricants and related materials and industrial machinery and equipment,” the NSO said.