Imports to the Philippines rose by 6.8 percent year-on-year to USD 9.47 billion in November 2018, lower than a 21.4 percent increase in October. Purchases grew for: cereal and cereal preparations (113.5 pct); mineral fuels and lubricants (34.1 pct); iron & steel (24.9 pct); other food and live animals (19.9 pct); plastics in primary and non-primary form (12.5 pct); industrial machinery and equipment (10.5 pct); telecommunication equipment and electrical machinery (4.5 pct); miscellaneous manufactured articles (4.4 pct); electronic products (3.9 pct); and transport equipment (0.2 pct). Inbound shipments from China, the Philippine’s biggest source of purchases, grew 4.3 percent. Also, imports went up from South Korea (13.5 pct), the US (7.2 pct); and Vietnam (34.2 pct). In contrast, purchases fell from Japan (-4.6 pct) and Thailand (-3.2 percent); and the ASEAN countries (-4.8 pct). Imports in Philippines averaged 1968687.30 USD Thousand from 1957 until 2018, reaching an all time high of 10320011.78 USD Thousand in October of 2018 and a record low of 37084.30 USD Thousand in February of 1963.
Imports in Philippines is expected to be 8870000.00 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 9210000.00 in 12 months time. In the long-term, the Philippines Imports is projected to trend around 9580000.00 USD Thousand in 2020, according to our econometric models.