Imports to the Philippines contracted 8 percent year-on-year to USD 8.94 billion in November 2019, the eight straight month of fall, following a 10.8 percent drop in October. Purchases dropped for mineral fuels, lubricants, related materials (-34.9%), cereals and cereal preparations (-31.1%), iron and steel (-29.8%), electronic products (-5.8%), other food and live animals (-3.7%), plastics in primary and non-primary forms (-3.4%), and industrial machinery and equipment (-3.2%). On the other hand, imports advanced for telecommunication and electrical machinery (24.8%) and miscellaneous manufactured articles (7.8%). Purchases were down from Japan (-2.1%), Thailand (-2.1%), South Korea (-45.7%), Indonesia (-0.2%), Taiwan (-7.6%), Malaysia (-5.3%), and the ASEAN countries (-5.3%). In contrast, imports increased from the US (3.6%), Hong Kong (16.1%), Singapore (5.1%), and the EU (1.4%). In addition, arrivals from China, the Philippines's largest source of imports, rose 13.8%. Imports in Philippines averaged 2084894.75 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. source: National Statistics Office of Philippines
Imports in Philippines is expected to be 9080000.00 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 8940000.00 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.