Imports to the Philippines fell 9.4 percent year-on-year to USD 8.47 billion in December 2018, swinging from a 6.8 percent rise in November. It was the first drop in inbound shipment since July 2017 and the steepest in more than six years, dragged down by transport equipment (-33.3 pct); miscellaneous manufactured articles (-18.4 pct); mineral fuels, lubricants (-14.4 pct); telecommunication equipment and electrical machinery (-5.5 pct); other food and live animals (-3.5 pct); and electronic products (-1.6 pct). In contrast, imports grew for: cereal and cereal preparations (57.8 pct); iron and steel (15.4pct); and industrial machinery and equipment (0.6 pct). Inbound shipments shrank from Japan (-3.4 pct); South Korea (-17.7 pct); the US (-36.9 pct); Thailand (-4.6 pct); and the ASEAN countries (-7.9 pct). In contrast, imports from China, the Philippines's biggest supplier of purchases, grew by 8.1 percent. In addition, imports from the EU countries surged 20.1 percent. Imports in Philippines averaged 1977187.75 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.