Based on the NSO’s latest report on external trade, the combined value of goods shipped in and out of the country rose by 35.6 percent to $7.841 billion in January.
As a result, the trade balance stood at a deficit of $682 million, or a tenth less than the $799-million deficit registered the previous year.
Also, shipments grew by 9.4 percent month-on-month from a revised $3.986 billion in December.
The value of imports have been increasing year-on-year since November, following 13 months of decline due to the global downturn.
Growth in imports may be sustained and will mirror a rise in exports, Socioeconomic Planning Secretary Augusto B. Santos said in an interview.
Rise in imports is considered positive because it reflects a similar movement in exports. The Philippines relies heavily on foreign electronics inputs to fuel its export revenues.
“The government expects imports to grow this year by 13 percent to 15 percent, while exports expand by 7 percent to 9 percent,” Santos said.
NSO data show that electronic products accounted for 31.4 percent of total imports in January. The value rose by 2.2 percent to $1337 billion year-on-year.
Also, electronic imports in January increased by 8.6 percent month-on-month from $1.231 billion in December.
All products accounted for a combined bill of $3.319 billion, or 77.9 percent of total import payments in January.
The United States is back as the biggest source of imports, accounting for 13.4 percent of total cargoes, or $570.72 million—a decrease of 1.4 percent year-on-year.
David Mikael Taclino
Inyu Web Development and Design
Creative Writer
0 comments:
Post a Comment