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Imports in Philippines climbed to their highest level in almost two decades, followed by a surge in demand of capital goods that signaled strength in domestic activity in the second quarter.
Imports climbed 39.3 percent in May, the biggest annual gain for any month since 1994. Electronics, the top import item, rose 44.5 percent from a year earlier to USD1.67 billion.
On the other hand, exports in the first five months of 2016 were down 6.6 percent from a year earlier, and the trade deficit so far this year is USD9.8 billion, nearly thrice the gap during the same period of 2015.
In addition, imports of transport, power generating and industrial machinery equipment rose further, following bulk orders from private companies before the country faced election on May 9.
However, the percentage rise for electronics imports, which are mostly re-exported as electronics products, was lower than that in April, suggesting that a strong increase in exports is not in the pipeline for now.
Moreover, Philippine Economic Planning Chief Ernesto Pernia said that growth in the second quarter will likely be faster than the 6.9 percent annual pace in the first three months due to public and private investments.
She further mentioned that bullish performance of imports is a clear signal that the country’s economic conditions will remain robust despite turbulence in the global economy.
Meanwhile, President Rodrigo Duterte, who began a six-year term on June 30, has pledged to raise infrastructure spending from 4 percent of gross domestic product in 2015 to 5 percent this year and 5.2 percent next year, Reuters reported.
