Imports to the Philippines plummeted 40.6% yoy to USD 5.85 billion in May 2020, after a 65.3% fall in the previous month. Purchases fell for most major commodities: mineral fuels, lubricants and related materials (-80%), transport equipment (-65.6%); industrial machinery and equipment (-46.8%); electronic products (-27.2%); plastics in primary and non-primary forms (-21.8%); telecommunication equipment and electrical machinery (-14.6%); cereals and cereal preparations (-11.8%); and other food and live animals (-4.2%). By contrast, arrivals of medicinal and pharmaceutical products rose by 23.6%. Imports from all major countries fell: China (-42.9%), Hog Kong (-54.4%), Japan (-44.1%), South Korea (-13%), Malaysia (-62.4%), the US (-30.2%), Taiwan (-10.9%), Singapore (-47.7%), the ASEAN countries (-52.5%), and the EU (-38.6%).
Imports in Philippines averaged 2127425.61 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.