Philippine imports up by 29 % in April

- Philippine imports surged by 29.2 percent year-on-year to 6.5 billion U.S. dollars in April due to double-digit growth in purchases of capital goods, raw materials and intermediate goods, and consumer goods, the National Economic and Development Authority said Friday.

Citing the Philippine Statistics Authority's data, the authority said imports in April last year was at 5.1 billion U.S. dollars. Among selected Asian economies, only the Philippines and Vietnam posted positive imports growth in April 2016.

"The continued strength of merchandise imports, buoyed by purchases of capital goods and durable goods, hints of a robust economic performance in the second quarter. In particular, the double-digit growth of capital goods since September 2015 points towards sustained business sector confidence while robust imports of durable consumer goods point towards strong consumer confidence," said outgoing Socioeconomic Planning Secretary Emmanuel F. Esguerra.

He expressed optimism that imports would continue to increase for the rest of the year especially given that the incoming administration has vowed to continue infrastructure spending.

"Also, a renewed focus on the manufacturing sector could further boost demand for capital goods," the official said.

Esguerra said consumer spending is expected to support the growth of merchandise imports in the coming years, especially if the incoming administration pushes through with reforms to make income taxes more progressive.

Cumulative imports from January to April amounted to 25.13 billion U.S. dollars, sharing a 13.5 percent increase compared with 22.14 billion U.S. dollars in the same period of last year, the Philippine Statistics Authority said.

source : xinhua