MANILA, Philippines – The value of goods from abroad that entered the country in October grew at its fastest pace in seven months, reversing the decline posted last September.
Philippine Statistics Authority data released on Tuesday showed that imports amounted to $5.207 billion last October, up 7.5 percent from $4.844 billion in the same month in 2013.
In a statement, the National Economic and Development Authority (NEDA) noted that the growth of imports at the start of the fourth quarter was a “significant rebound” from the contraction of 1.2 percent last September as well as the 8.2-percent decrease registered in October 2013.
The increase posted in October was also the highest since the 10.6-percent growth posted in March.
“Total imports reversed its trend as the three-month moving average growth rate for the month picked up to 2.4 percent from four consecutive months of contractions since June 2014,” according to NEDA.
At the end of October, imports totaled $53.42 billion, four percent more than the $51.373 billion registered during the first 10 months of 2013.
Since the amount of imports continued to outpace that of exports, the balance of trade in goods last October stood at a deficit of $56 million.
Socioeconomic Planning Secretary Arsenio M. Balisacan said the double-digit jump in imported consumer products as well as lubricant and mineral fuels were the growth drivers that month.
“The seasonal uptick in consumer spending during the last quarter of the year, coupled with cheap oil prices and lifting of the truck ban in Manila, starting in mid-September, supported imports growth for the period,” explained Balisacan, also the NEDA’s director general.
In October, the value of imported consumer goods that entered the country reached $959.2 million, up 35.8 percent year-on-year.
“Strong consumer goods imports may indicate that domestic consumer demand remains strong in the fourth quarter. The recovery in semi-processed raw materials and intermediate goods also bodes well for domestic economic activity and exports,” Balisacan said.
Lower global oil prices, meanwhile, boosted the imports of mineral fuels and lubricants in October, which increased to 18.7 percent year-on-year to $852.8 million.
“The business sector and oil-dependent industries will likely continue to take advantage of the cheap oil prices as this significantly reduces cost of operations. The manufacturing, transportation and energy sub-sectors, in particular, are likely to benefit. The government should ensure that these benefits are appropriately passed on to consumers,” Balisacan said.
Last October, the growth in Philippine imports was the second fastest in the East and Southeast Asian regions, just behind Vietnam’s 12.6 percent. NEDA noted that imports slid in Hong Kong, Indonesia, Japan, Singapore, South Korea, Taiwan and Thailand during the period.
The top sources of imports in October were China, Japan, Taiwan, the United States and Singapore.
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