Imports to Philippines dropped by 4.2 percent from a year earlier to USD 9.57 billion in July 2019, following a 10.4 percent fall in the prior month. This was the fourth consecutive month of yearly decline in inbound shipments, of which iron & steel (-35.8%); mineral fuels, lubricants (-14.5%); transport equipment (-12.0%); telecommunication equipment and electrical machinery (-2.4%); industrial machinery and equipment (-1.5%). By contrast, inbound shipment rose for: miscellaneous manufactured articles (18.9%); other food and live animals (12.3%), cereals & cereal preparations (6.0%); electronic products (1.2%), and plastics in primary and non-primary form (0.5%). Imports in Philippines averaged 2047437.55 USD Thousand from 1957 until 2019, 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.
Imports in Philippines is expected to be 9950000.00 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 8500000.00 in 12 months time. In the long-term, the Philippines Imports is projected to trend around 9020000.00 USD Thousand in 2020, according to our econometric models.