Imports to the Philippines declined by 24.5% yoy to USD 6.63 billion in June 2020, following a 40.6% slump in May. Purchases fell for transport equipment (-70.5%); mineral fuels, lubricants and related materials (-56.9%); iron & steel (-40.9%); miscellaneous manufactured articles (-29.4%); industrial machinery (-23.1%); and electronic products (-14.6%). By contrast, imports grew for cereals and cereal preparations (41.3%); other food and live animals (13.6%); and organic and inorganic chemicals (6.8%). Imports from all major countries fell: China (-21.2%), Hong Kong (-19.7%), Japan (-33.7%), South Korea (-29.5%), Malaysia (-34.9%), the US (-12.2%), Taiwan (-2.5%), Singapore (-7.3%), the ASEAN countries (-24.8%), and the EU (-30.2%).
Imports in Philippines averaged 2133340.41 USD Thousand from 1957 until 2020, reaching an all time high of 10724291.25 USD Thousand in October of 2018 and a record low of 37084.30 USD Thousand in February of 1963. This page provides the latest reported value for - Philippines Imports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Philippines Imports - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: National Statistics Office of Philippines
Imports in Philippines is expected to be 630000.00 USD Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in Philippines to stand at 855000.00 in 12 months time. In the long-term, the Philippines Imports is projected to trend around 9020000.00 USD Thousand in 2021 and 9320000.00 USD Thousand in 2022, according to our econometric models.