(CNN Philippines) — Imports posted a double-digit growth of 11.2% in February this year, from $4.8 billion to $5.3 billion in the same month last year, according to figures from the Philippine Statistics Authority (PSA).
However, $10.545 billion in cumulative imports from January to February this year is still 1.8% lower than the $10.743 billion in the first two months of 2014.
In a report, the PSA also noted a year-on-year increase of the balance of trade in goods deficit to $812.77 million compared to the $130.93 million in February last year.
A deficit means that the imports outnumber the country’s exports.
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February’s surge subsequently ended a three month-long contraction that saw imports register year-on year plunges of -10.8% in November, -10.6% in December, and -14.2% in January.
The PSA added that electronic products were the top imported commodity for February 2015, consisting 34.8% of the aggregate import bill and value amounting to $1.854 billion.
The government agency pointed out that the figure is a 42.4% increase over the the $1.302 billion in February last year.
In a separate statement, the National Economic and Development Authority said that February’s import increase came primarily from capital goods, which are used to produce other goods or services, which grew by 21.5%.
The indice is also followed by double digit growth in raw materials and intermediate goods (16.7%), and consumer goods (12.2%). The surge offsets a drop in mineral fuels and lubricants (-18.7%).
“This good performance suggests robust economic activity in construction and manufacturing and is likely reflective of upbeat domestic demand particularly in private consumption and investments. We expect this to remain favorable over the near term,” said Deputy Director-General Rolando G. Tungpalan, NEDA officer-in-charge.
“If a similar trend in importation for the succeeding month continues, it will secure government’s expectation of a strong GDP growth for the year.”
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NEDA added that the country “appears to have bucked the downward trend of the merchandise imports of most Asian economies.” Tungpalan attributes this to what believes are the country’s strong consumer base and improved employment opportunities.
He also sees the current oil price trend as a favorable and good opportunity for businesses to expand investments.
“The persistent low oil price will further boost importation of petroleum crude and other mineral fuels for the succeeding period, which bodes well for the industry sector.”
The PSA report found that a majority (16.3%) of the imports were shipped from China, with payments recorded at $865.59 million — a 47.8% increase from the $585.79 in February last year.
The U.S. falls at second, consisting 10.7% of February’s imports, followed by Taiwan (8.4%) and Singapore (8.2%).
