January imports surge 30.8%

January imports surge 30.8%

March 24, 2016 3:27 pm

TOTAL imports by the Philippines in January grew to $6.825 billion, a 30.8 percent increase from $5.219 billion in imports in January 2015, the Philippine Statistics Authority reported on Wednesday.

Capital goods accounted for the largest share of imports, 37.7 percent or $2.573 billion, while imports of consumer goods expanded by 29.3 percent from a year earlier to $1.038 billion.

China was again the biggest source of imports in January, accounting for 17.9 percent of the total, followed by Japan (10.7 percent) and the US (8.9 percent). 46.3 percent of all imports were from East Asia, the PSA said.

The increase in imports along with a 3.9-percent year-on-year decline in exports in January pushed the trade deficit to $2.638 billion, more than double the $861.80 million deficit reported in the same month last year.

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