Imports to the Philippines jumped 21.4 percent year-on-year to USD 10.32 billion in October 2018, after a 26.1 percent rise in September. Purchases grew for all commodities: cereal and cereal preparations (52.3 percent); mineral fuels and lubricants (45.4 percent); other food and live animals (33.6 percent); telecommunication equipment and electrical machinery (26.7 percent); miscellaneous manufactured articles (25.4 percent); plastic in primary and non-primary form (24.9 percent); industrial machinery and equipment (21.5 percent); transport equipment (18.4 percent); electronic products (14.8 percent); and iron and steel (7.8 percent). Inbound shipments from China, the Philippine’s biggest source of purchases, soared 28.2 percent. Also, imports went up from South Korea (57.1 percent), the US (3.9 percent); the ASEAN countries (7.9 percent) and the EU countries (61.7 percent). In contrast, imports fell from Japan (-4 percent) and Thailand (-1.3 percent). Imports in Philippines averaged 1958335.67 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 8950000.00 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 9150000.00 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.