Imports to the Philippines declined 1.9 percent year-on-year to USD 9.01 billion in April 2019, after a 7.8 percent growth in March. It was the first fall in inbound shipments in four months, as purchases went down for transport equipment (-27.7%), plastics in primary and non-primary forms (-14.2%), iron and steel (-14.2%), and industrial machinery and equipment (-10.6%). Conversely, imports rose for mineral fuels, lubricants and related materials (36.5%); cereals and cereal preparations (34.7%); miscellaneous manufactured articles (11%); and electronic products (2%). Among major trading partners, purchases shrank from Japan (-15.9%), South Korea (-27.1%), the US (-3%), Indonesia (-8.5%), Thailand (-22.2%), and the EU countries (-1.7%). Meanwhile, imports from China, the Philippines's largest supplier of imported goods, surged 17 percent. Also, purchases advanced from Singapore (14%), Vietnam (61.5%), Hong Kong (5.4%), India (18.5%), and the ASEAN countries (0.6%). Imports in Philippines averaged 2018883.22 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 9380000.00 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 8450000.00 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.