‘Shrinking imports a cause for worry’

A global think tank warned the sustained drop in the country’s imports is shaping up as a big concern on total trade and would affect efforts toward economic recovery.

In its latest economic monitor, United Kingdom-based Pantheon Macroeconomics said while the contraction in Philippine exports can be considered temporary, the deteriorating import situation is more worrisome.

The country’s export sales slid 5.2 percent in January to 5.5 billion dollars from 5.8 billion dollars in the same period last year.

Imports, meanwhile, contracted for the 21st straight month in January at a faster pace of 15 percent, bringing the total import value to 7.9 billion dollars.

Pantheon Macroeconomics senior Asia economist Miguel Chanco said, “The real disappointment in the Philippines’ trade data lies on the other side of the balance, with imports still falling year-over-year at double-digit rates.”

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.