CEBU, Philippines - Philippine imports in February rose by 0.3 percent to $4.721 billion from $4.707 billion recorded in the same period last year, the National Statistics Office reported on Friday.
However, looking at a month-on-month comparison, payments for merchandise imports decreased by 20.7 percent from $5.955 billion posted in January 2014.
Although it is the slowest increase recorded since October, the slight growth was attributed to the positive performance of eight out of 10 major commodities for the month.
Components for semiconductor and electronics industry remained as the country’s biggest export contributor to the Philippine economy. Imports data from the sector climbed 2.2 percent from a year earlier.
With a total payment of $1.281 billion, electronic products accounted for 27.1 percent of the total imports payments in February 2014. It increased by 2.2 percent from $1.253 billion registered in February 2013.
Imports of mineral fuels, lubricants and related materials came in next with 17.4 percent share and reported import payment valued at $820.00 million. Third was Transport Equipment with payment valued at $487.51 million or 10.3 percent share to total imports.
Industrial Machinery and Equipment ranked fourth with a total import bill amounting to $225.39 million. It decreased by 5.7 percent compared to last year’s value of $239.04 million.
With 3.0 percent share to the total import bill, other food and live animals ranked fifth with value at $141.48 million.
Rounding up the list of the top 10 imports with increasing growth rates for the month of February were Feeding Stuff for Animals ($138.20 million); Iron and Steel ($134.77 million); Plastics in Primary and Non-Primary Forms ($127.35 million); Telecommunication Equipment and Electrical Machinery ($100.36 million); and Cereals and Cereal Preparations ($96.0 million).
Aggregate payment from the top ten imports reached $3.552 billion, or 75.2 percent of the total imports.
Meanwhile, the balance of trade in goods for the country posted a deficit of $66 million in February from $967 million deficit in the same period last year. It is the smallest deficit since October when it recorded a surplus of $202 million. (FREEMAN)