Metro Manila (CNN Philippines) — The Philippine Statistics Authority (PSA) reported on Tuesday (January 26) the country’s imports rise by 10.1 percent in November last year, compared to the same month in 2014.
Its data showed that the country imported $6.09 billion worth of products during the month, 35 percent of which are electronics and semiconductors which serve as raw materials for the country’s electronics exports.
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According to the PSA, other four strong performers were: industrial machinery and equipment (37.3 percent); telecommunication equipment and electrical machinery (26.8 percent); transport equipment (19.8 percent); and cereals and cereal preparations (1.9 percent).
The country’s top import sources were China, Japan, U.S., Taiwan, and South Korea.
According to the National Economic Development Authority (NEDA), the Philippines ranked first among its Asian peers in terms of imports growth in November 2015.
“Except Vietnam who had a 6.6-percent imports growth, all other nine selected Asian economies (People’s Republic of China, Thailand, Hong Kong, Singapore, Chinese Taipei, Japan, Malaysia, Republic of Korea, and Indonesia) declined in the period.”
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The value of imported capital goods, which NEDA said is a leading indicator of strong economic activity, grew by 40.8 percent in November 2015.
“Despite an expected slow recovery in the global economy, continued growth in the country’s merchandise imports signifies the increasing investment demand in the Philippines,” said Economic Planning Secretary Arsenio M. Balisacan.
