Imports to the Philippines fell 9.1 percent year-on-year to USD 7.92 billion in December 2020, following a revised 18.3 percent slump a month earlier, as domestic demand weakened further due to the ongoing COVID-19 disruption. Purchases decreased the most for: mineral fuels, lubricants and related materials (-50.8%), followed by transport equipment (-34.8%), industrials machinery and equipment (-21.7%), metal products (-17.4%), miscellaneous manufactured articles (-5.0%) and telecommunication equipment and electrical machinery (-4.0%). By contrast, purchases increased for: iron & steel (25.4%), preparations (7.9%), and electronic products (7.6%) and other food and live animals (1.9%). Purchases decreased from China (-7.2%), the US (-11.5%), South Korea (-26.2%), the EU (-41.1%) and the ASEAN countries (-1.5%). By contrast, purchases increased from Japan (1.8%) and Indonesia (3.4%). For 2020 full year, imports plunged 23.3% year-on-year, following an 1.1% fall in 2019. source: National Statistics Office of Philippines
Imports in Philippines averaged 2169503.33 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 February of 2021.
Imports in Philippines is expected to be 7900000.00 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 9020000.00 in 12 months time. In the long-term, the Philippines Imports is projected to trend around 9320000.00 USD Thousand in 2022, according to our econometric models.