February imports slightly up

MANILA, Philippines - Merchandise imports in February grew slightly by 0.3 percent from $4.707 billion a year ago to $4.721 billion, the National Statistics Office (NSO) reported on Friday.

"The increase in total imports was due to the positive performance of eight out of the top ten major commodities for the month. These are: transport equipment; iron and steel; feeding stuff for animals (not including unmilled cereals); plastics in primary and non-primary forms; other food & live animals; cereals and cereal preparations; telecommunication equipment and electrical machinery; and electronic products," NSO said.

On a monthly basis, however, imports plunged by 2.7 percent from the $5.955 billion posted in January 2014. Meanwhile, the balance of trade in goods posted in February a deficit of $66 million from a $967-million a year ago.

"The country’s imports maintained its growth momentum as its three-month moving average growth was maintained at around 9.5 percent in February 2014,” Socioeconomic Planning Secretary Arsenio Balisacan said.

Balisacan said the improvement in imports reflects the positive outlook of businesses, as shown by new construction projects and boosted by rehabilitation efforts from typhoon Yolanda. He added that business prospects have also risen owing to the competitiveness of companies.

China was the top source of the country's imports with a 12.1-percent share or $571 million. This was followed by the United States of America (10.3 percent). Japan (9.9 percent), South Korea (8.2 percent), Taiwan (6.6 percent), Thailand (5.8 percent), Germany (5.3 percent), Indonesia (5 percent) and Malaysia (4.7 percent).