Home » Customs & Trade » Imports down 26% from Jan-Nov

PHILIPPINE imports declined 25.8% to $74.134 billion from January to November last year compared to $99.848 billion registered in the same period in 2008, according to the latest data from the National Statistics Office.

Imports for November 2009 also dropped 4.8% from $3.808 billion in October 2009.

But compared to the $3.485 billion reported in November 2008, imports for November 2009 inched up 4.1% to $3.626 billion.

Accounting for the biggest chunk or 33.6% of the aggregate import bill in November were payments for Electronic Products, including consigned and direct importation using the expanded coverage of electronic products, which amounted to $1.219 billion.

Imports of Mineral Fuels, Lubricants and Related Materials comprising 21.1% of the total imports ranked second, at $764.25 million from $543.70 million in November 2008.

Transport Equipment amounting to $187.59 million (from $172.71 million in November 2008) were the country’s third top import product for November with a 5.2% share of the total.

Contributing 4.8% to the total import bill were Industrial Machinery and Equipment with payments hitting $173.67 million from $166.93 million.

With a 2.6% share, Iron and Steel registered $94.80 million worth of imports, higher by 11.4% from November 2008’s $85.09 million.

Japan was the country’s biggest source of imports for November 2009 with a 12% share, and with recorded payments worth $433.86 million contracting 10.3% from $483.78 million in November 2008.

The US came in second with a 10.6% share of the total import bill amounting to $384.11 million. This value is lower by 25.6% from $516.37 million recorded in November 2008.

Singapore was third, accounting for 8.8% share of the total bill, up 6% to $319.35 million from $301.19 million.

Ranked fourth with a 8.3% share and payments of $299.60 million was China. Republic of Korea was fifth representing 7.8% of the total import bill amounting to $281.25 million.

Other major sources of imports for November 2009 were Taiwan, $273.36 million; Thailand, $210.70 million; Saudi Arabia, $177.15 million; United Arab Emirates, $162.55 million; and Hong Kong, $148.81 million.

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