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Imports Jumped 9.6% To $5.4B in March. (N.D.) - Retrieved May 28, 2014, From

Imports rose nearly 10% in March to $5.4 billion, driven by higher demand for inputs to electronics exports which points to strong economic growth. Higher imports of materials and accessories for electrical equipment boosted electronics sector exports. Imports of transport equipment, plastics, fuels, chemicals and other goods increased. While imports grew, exports rose faster, reducing the trade deficit to $146 million from $253 million in March 2013.

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46 views1 page

Imports Jumped 9.6% To $5.4B in March. (N.D.) - Retrieved May 28, 2014, From

Imports rose nearly 10% in March to $5.4 billion, driven by higher demand for inputs to electronics exports which points to strong economic growth. Higher imports of materials and accessories for electrical equipment boosted electronics sector exports. Imports of transport equipment, plastics, fuels, chemicals and other goods increased. While imports grew, exports rose faster, reducing the trade deficit to $146 million from $253 million in March 2013.

Uploaded by

Jam Dy
Copyright
© © All Rights Reserved
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Imports jumped 9.6% to $5.

4B in March
Growth noted in inputs to electronics exports
By Paolo G. Montecillo
Philippine Dailyd Inquirer | 12:10 am | Wednesday, May 28th, 2014
The countrys imports rose by nearly a tenth in March, suggesting a recovery in exports and higher
demand from consumers, which both point to a strong economic growth.
Data released by the Philippine Statistics Authority (PSA) showed the acceleration of imports growth was
driven by demand from the electronics sector, which accounted for a large chunk of goods exported by
the country.
Higher imports of materials and accessories for the manufacture of electrical equipment provided the
largest boost to the sub-groups annual expansion, indicating a buoyant prospect for Philippine electronic
exports, Economic Planning Secretary Arsenio Balisacan said.
Merchandise imports expanded by 9.6 percent year-on-year to $5.4 billion in March. This was faster than
the 1.7-percent growth recorded the month before.
Apart from the improving performance of the electronics sector, higher prices of certain commodities and
consumer goods also led to the higher value of imports.
The PSA said in a statement that the increase in total imports was due to the positive performance of six
of the top 10 major commodities for the month. These were transport equipment, plastics in primary and
nonprimary forms, mineral fuels, lubricants and related materials, miscellaneous manufactured articles,
other food and live animals, and organic and inorganic chemicals.
The countrys balance of trade, or the value of imports versus exports, improved to a deficit of $146
million from $253 million in March 2013. This indicated that exports rose faster than imports.
Strong economic activity, which boosted consumer demand and therefore the need to import more
products, also contributed to the growth. This was driven by robust expectations on consumer demand
and infrastructure spending, partly boosted by Supertyphoon Yolanda rehabilitation efforts during the
period, Balisacan said.
Higher payments for passenger cars and motorcycles and miscellaneous manufactures buoyed the total
value of consumer durable segment. During the period, there was also a notable increase in domestic car
sales, Balisacan said.
China remained the top source of the countrys imports with a 15.2-percent share amounting to $825.5
million. Second was South Korea with a 12-percent share, followed by Singapore (7.9 percent) and the
United States (7.7 percent).
Imports jumped 9.6% to $5.4B in March. (n.d.). Retrieved May 28, 2014, from
http://business.inquirer.net/171593/imports-jumped-9-6-to-5-4b-in-march

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