Home » Customs & Trade » March imports surge 39%

PHILIPPINE imports rose 38.9% in March to $4.543 billion from $3.270 billion in the same month last year on the back of a recovering global economic.

The latest import figure is also higher by 16.4% compared to $3.904 billion recorded in may, according to latest data from the National Statistics Office (NSO).

In the first quarter, imports grew 32.7% to $12.734 billion from $9.599 billion in the same period last year.

Electronic products accounted for the bulk of the March import bill, contributing 33.1% or $1.505 billion vis-à-vis last year’s $1.112 billion.

Imports of mineral fuels, lubricants and related materials came next with a 16.8% share and 63.4% growth to $762.96 million over the previous year’s $466.90 million.

Cereals and cereal preparations were the country’s third top imports for March, accounting for 9.5% of the total or $429.12 million from last year’s $254.04 million.

Key markets

Japan continued to be the country’s biggest source of imports for March with a 13.2% share of the total import bill, higher by 59.2% to $598.59 million from $375.91 million in the same month in 2009.

The US was the second biggest source of imports, representing 10% with payments worth $452.98 million, up 13.5% from $399.01 million in March 2009.

Singapore came in third accounting for 7.8% of the total import bill, which grew 36.4% to $354.03 million from $259.47 million last year.

Other key import markets were Korea, $339.27 million; People’s Republic of China, $310.58 million; Thailand, $304.32 million; Saudi Arabia, $294.33 million; Vietnam, $286.22 million; Taiwan, $256.16 million; and Indonesia $210.33 million.

March import payments from the top ten sources amounted to $3.407 billion or 75% of the total.

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