February imports surged 22%

Merchandise imports rose 21.7 percent in February from 2007, as the country brought in more rice and other cereals due to a domestic shortage. The National Statistics Office said imports amounted to $4.491 billion in February, up from just $3.69 billion during the same month in 2007. Imports were up 27.9 percent in January. The Philippines imported $160.71 million worth of cereals in February, up 344 percent from $36.21 million in 2007. Data showed that Philippine rice imports soared 961 percent to $72.245 million in February alone from only $6.8 million in 2007 while orders for wheat dramatically increased 235 percent to $81.13 million from $24.219 million. The Philippines relies heavily on imported wheat for flour production. The Philippines incurred a trade deficit of $379 million in February, a turnaround from a surplus of $27 million in 2007.

in Manila Standard Today by Roderick T. dela Cruz
April 27, 2008
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