Home » Customs & Trade » PH May imports up 1.6%

PHILIPPINE imports in May grew 1.6% to $4.888 billion from $4.812 billion year on year, according to latest data from the National Statistics Office.

The agency attributed the slight increase to the electronic sector’s anemic performance.

Compared to the April bill of $5.497 billion, May imports dipped 11.1%.

For the first five months of the year, imports jumped 17.4% to $25.997 billion from $22.152 billion.

Accounting for 34.8% of the aggregate import bill in May, payments for electronic products reached $1.70 billion, up 11.2% over the same month last year’s $1.529 billion. Month on month, the May figure inched up 0.6% from $1.690 billion.

Imports of mineral fuels, lubricants and related materials represented 14% of the total import bill in May, a year-on-year decrease of 33.5% from $1.032 billion to $685.95 million.

Industrial machinery and equipment accounted for 5.1% or $246.90 million of the import aggregate, higher by 22.2% from $202.07 million.

The US was the country’s main source of imports in May, representing 13.5% of the total bill with $658.77 million, a 39.1% hike from $473.58 million.

China was the second biggest source with a 10.6% share and recorded payments worth $518.98 million or a 37.9% increment from $376.24 million in May 2010.

Japan was the third biggest, accounting for 9.7% or $475.83 million of the total from $484.46 million, a 1.8% decline.

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