Transport Equipment Import Drops In Philippines

Imports to the Philippines increased by 9.1 percent year-on-year to USD 7.44 billion in January of 2017, following a downwardy revised 13.8 percent rise in December and reaching the slowest rise since October 2016. Purchases went up for: iron and steel (79.7 percent), mineral fuels, lubricants and related materials (42.7 percent) and cereals and cereal preparations (30.6 percent). In contrast, imports shrank for electronic products (-16.2 percent) and transport equipment (-9.5 percent). Purchases from China, the country’s biggest source of imports, went up 26.4 percent, followed by Japan (10.8 percent), South Korea (19.7 percent), the ASEAN countries (16.2 percent) and the EU countries (-27.2 percent). In contrast imports declined from the US (-6.9 percent). Imports in Philippines averaged 1760990.16 USD Thousand from 1957 until 2017, reaching an all time high of 7444179.47 USD Thousand in January of 2017 and a record low of 37084.30 USD Thousand in February of 1963.