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By Darwin G. Amojelar, Reporter
PHILIPPINE imports in May rose to double-digit
owing to soaring costs of fuel and rice purchases abroad, the
National Statistics Office (NSO) reported Friday.
The NSO said the country’s merchandise imports
grew by 11.3 percent to $4.783 billion “due to the increase in the
inward shipments of rice and the continued surge of oil prices”
from $4.296 billion in May 2007.
For the first five months of the year, imports
expanded by 16.6 percent to $24.245 billion from $20.800 billion in
the same period last year.
Although exports from January to May went up
slightly by 3.1 percent to $21.085 billion, the balance of trade is
still in deficit of $2.601 billion. In April alone, trade deficit
stood at $559 million from $168 million in the same month last year.
Electronics, which accounted for 31.5 percent of
the total import bill, fell 14.44 percent to $1.506 billion from
last year’s $1.759 billion. Among the major groups of electronic
products, semiconductors went down by 22.9 percent to $1.105 billion
from $1.433 billion in May 2007.
Imports of mineral fuels, lubricants and related
materials during the period posted a positive growth of 50 percent
to $1.179 billion from $785.78 million last year.
Purchases of cereals and cereal preparations
surged 156.7 percent to $294.78 million from $114.83 million in the
same period last year. “This is due to the increase in the
importation of rice,” the NSO said.
Imports of transport equipment, on the other
hand, were down by 14.8 percent to $203.39 million from $238.68
million last year.
Rounding up the list of top imports for May, the
bill for industrial machinery and equipment ran up to $185.25
million; iron and steel, $179.75 million; organic and inorganic
chemicals, $107.05 million; plastics in primary and non-primary
forms, $92.44 million; telecommunication equipment and electrical
machinery, $71.82 million, and textile yarn, fabrics, made-up
articles and related products, $69.57 million.
Total payment for the country’s top imports
for May reached $3.889 billion or 81.3 percent of the total import
bill. The United States, the country’s biggest source of
merchandise for May with an 11.4-percent share, posted a 6.4-percent
decline in import receipts to $547.21 million from $584.67 million
in May last year.
Japan followed as the second biggest source of
imports with 10.9-percent share, recording payments worth $519.30
million, up by 15.3 percent from $450.35 million in May 2007.
Saudi Arabia came third with a total import bill
of $496.99 million, up by 74.4 percent from $284.90 million during
the same month in 2007.
Other major sources of imports for the month of
May were Singapore, $481.48 million; People’s Republic of China,
$345.83 million; Taiwan, $293.14 million; Thailand, $274.74 million;
Republic of Korea, $235.83 million; United Arab Emirates, $192.66
million; and Vietnam, $187.95 million.
Payments for imports from the top sources for
May amounted to $3.575 billion or 74.8 percent of the total.
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