Imports to pick up on rising demand, investment this year
39.8 percent; feeding stuff for animals not including unmilled cereals fell by 33.1 percent. Imports of almost all intermediate inputs fell at varying degrees,” Diokno said.
Meanwhile, data showed the commodities that posted the largest declines last December were Other Food and Live Animals, with a contraction of 47.9 percent; Feeding Stuff for Cereals (not including unmilled cereals), 33.1 percent; and electronic products, 30.3 percent.
The list also includes miscellaneous manufactured articles, which posted a contraction of 18.1 percent, and mineral fuels, lubricants and related materials, 14 percent.
In 2015 the largest declines were noted in chemical compounds, which posted a contraction of 55.1 percent, and mineral fuels, lubricants and related materials, which posted a contraction of 40.1 percent.
In terms of import sources in December 2015, the top 3 were China, Japan and the US, which accounted for 17 percent, 11.9 percent and 10.3 percent of total imports, respectively.
These are also the Philippines’s largest import sources for the whole of 2015. China, the US and Japan accounted for 16.2 percent, 10.8 percent and 9.6 percent of total imports last year, respectively.
December imports from China amounted to $687.75 million, a decrease of 13.7 percent, from $796.51 million in December 2014. In 2015 shipments reached $10.83 billion, a 9.7- percent growth from $9.87 billion.
Shipments from Japan amounted to $481.57 million in December 2015. This represented a 4.9-percent growth, from $459.16 million in December 2014.
The Philippines’s total imports from Japan amounted to $6.38 billion in 2015. This was a 21.5- percent growth, from the $5.25 billion recorded in 2014.
Payments to the US for merchandise imports reached $417.05 million in December 2015. This, however, was a 20.6-percent decline from the $525.58 million posted in December 2014.
For the January-to-December period in 2015, the country’s imports from the US amounted to $7.22 billion. This was a 25.8- percent growth from $5.73 billion in the same period in 2014.