Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>   Philippines News  >> Companies  >> PHL March imports rise 9.6% as economy stirs
NEW UPDATES Asean Affairs   29 May 2014  



PHL March imports rise 9.6% as economy stirs

Philippine merchandise imports rose 9.6 percent to $5.42 billion in March from $4.95 billion a year earlier, reflecting orders for productive economic activity, the National Statistics Office reported Tuesday.
 
“The robust growth in total merchandise imports was mainly due to higher value of raw materials and intermediate goods, mineral fuels and lubricants, and consumer goods,” said Economic Planning Secretary Arsenio Balisacan said in a separate statement.
 
Trade deficit settled at $146 million, or 42 percent narrower from $253 million in the same comparable period, NSO data showed.
 
In the first quarter, imports totaled to $16.17 billion, up 12 percent from $14.44 billion a year earlier.
 
Trade deficit for the three-month period widened to $1.85 billion from $1.05 billion year-on-year.
 
According to the National Economic and Development Authority (NEDA), the Philippines followed Vietnam and Singapore as top performers in import growth among major trade-oriented economies in East and Southeast Asia. Vietnam continued to lead the region with a 13.7 percent year-on-year growth while Singapore placed second with a 13.4 percent annual gain.
 
The first quarter Philippine data is a "good indication" of imports this year, Bank of the Philippine Islands lead economist Emilio Neri Jr. told GMA News Online.
 
"Full year projection for this year is much stronger, which is double-digit for real imports data," he said.  
 
Mineral fuels and lubricant accounted for a chunk of the import bill for March, equivalent to 23.6 percent of the total. In value terms, mineral fuels and lubricants reached $1.28 billion, up 23.3 percent from $1.04 billion.
 
Mineral fuels and lubricants continue to be strong and is "is consistent with strong numbers from transportation demand," Neri said.
 
Components used by the semiconductor and electronics industry, ranked second or 22.1 percent of the total. The value of imported electronic parts, however, slipped by 4.3 percent to $1.198 billion from $1.25 billion.
 
Balisacan said the reversal of the contraction in March 2013 reflects the more upbeat outlook on business operations in the second quarter of 2014, as indicated in the latest Business Expectations Survey of the Bangko Sentral ng Pilipinas.
 
“The volumes of business activity index and total order book index reached an all-time high of 46.1 and 39.7 index points, respectively," Balisacan, who is also NEDA director-general, said.
 
"This is mainly due to robust expectations on consumer demand and infrastructure spending, partly boosted by the Typhoon Yolanda rehabilitation efforts during the period," he added.
 
China was still the top source of inbound shipments at 15.2 percent or $564.49 million of the imports bill followed by South Korea at 12 percent or $416.64 million.
 
The NSO revised the import numbers in 2013 to $62.41 billion, higher by 0.45 percent from $62.13 billion – still missing the government's 12-percent growth goal. – VS, GMA News



Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories                            May 29, 2014 Subsribe Now !
• Manheim opens a new branch, expanding into Thailand’s northern market and serving AEC customers Subcribe: Asean Affairs Global Magazine
• Najib arrives in China for 40th anniversary of diplomatic ties
• PHL March imports rise 9.6% as economy stirs
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Agricultural exports see value growth
• PetroVietnam secures oil deal with Russia's Rosneft
Asean Analysis                    May 28, 2014

• Asean Analysis May 28, 2014
Hosting the World Economic Forum: Is the Philippines the next tiger economy?
Advertise Your Brand

Asean Stock Watch    May 28, 2014
• Asean Stock Watch-May 28, 2014
The Biweekly Update
• The Biweekly Update  May 16, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com