Imports to the Philippines fell by 16.5 percent year-on-year to USD 7.92 billion in September 2020, following a downwardly revised 21.3 percent slump a month earlier, amid weakening domestic demand due to the ongoing COVID-19 crisis. Purchases declined for transport equipment (-53%), mineral fuels, lubricants and related materials (-51.4%), industrial machinery & equipment (-23.3%), miscellaneous manufactured articles (-23%), iron and steel (-10.7%), and other food & live animals (-4.7%). In contrast, imports rose for both telecommunication equipment and electrical machinery (2.6%) and electronic products (2.4%). Purchases shrank from China (-9.5%), Japan (-20.9%), Hong Kong (-17.4%), South Korea (-1.7%), the US (-10.1%), Indonesia (-6.2%), Singapore (-12.9%), Thailand (-28%), the ASEAN countries (-14.5%), and the EU (-31.3%). By contrast, imports from India rose (2.6%). source: National Statistics Office of Philippines
Imports in Philippines averaged 2140508.90 USD Thousand from 1957 until 2020, 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. This page provides the latest reported value for - Philippines Imports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Philippines Imports - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
Imports in Philippines is expected to be 6300000.00 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 8550000.00 in 12 months time. In the long-term, the Philippines Imports is projected to trend around 9020000.00 USD Thousand in 2021 and 9320000.00 USD Thousand in 2022, according to our econometric models.