Imports rise at fastest 45% clip in April
Philippine imports rose in April at their fastest pace since the start of their recovery in November, driven mainly by stronger demand for electronic parts to be reprocessed for export, and robust domestic consumption.
The National Statistics Office (NSO) said Friday that the value of imports in April reached $4.44 billion, up 45% from the $3.06 billion recorded in April last year. The April reading was slightly lower than the $4.54 billion recorded in March, the highest monthly total since October 2008, when the global economy was hard hit.
The country's trade deficit has increased to $2.25 billion in the first four months of 2010, higher than the $1.92 billion deficit in the same period last year.
The National Statistics Office reported that total imports rose by 35.7 percent to $17.175 billion from $12.656 billion. Merchandise exports posted an increase of 39.1 percent to $14.925 billion in January to April of 2010 from $10.730 billion during the same period in 2009.
April's growth was also the fastest since the 55% on-year expansion in November 2002. In the four months to April, imports totaled $17.17 billion, up 36% from $12.66 billion in the year-earlier period.
Electronic imports, which are mainly reprocessed for export, increased 64% to $1.5 billion in April from $924.7 million a year earlier and was up 31% on year to $5.79 billion in the first four months of 2010. Electronics are the Philippines' biggest exports.
With exports earlier reported at $3.57 billion in April and $14.9 billion in the first four months, the trade deficit widened to $846 million in April and $2.25 billion in the January-April period. The trade deficit stood at $253 million in April last year and $1.93 billion in the first four months of 2009.
Imports from Japan, the country's biggest source of imports in April, increased 43% on year to $561.6 million. Purchases from the US, meantime, increased 51% on year to $480.7 million.


