Cordillera imports drop by 8.1 percent

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BAGUIO CITY  – The Cordillera office of the Philippine Statistics Authority (PSA-CAR) disclosed that the free on board value of import goods of the region in November dropped by 8.1 percent or $108,149,264 which is much lower compared to the $138,882,788 value of import goods during the previous year.

Further, the value of imports was much lower from the amount of $117,667,233 recorded in October 2018.

In November last year, the PSA-CAR disclosed that the region’s total volume of consumption was recorded 415,627.02 kilograms and that import volume largely  declined as compared to the volume of 527,730.39 kilograms consumed in the same month the previous year which reflected a decrease of 9 percent as compared to 521,825 kilograms produced in October 2018.

Based on the data obtained from the PSA-CAR, electrical machinery and equipment and parts thereof accounted for 59.4 percent of the total free on board that posted a decrease of 9.4 percent from $70,834,639 in 2017 to $64,194,885 in November last year.

Moreover, commodities in transactions not classified elsewhere ranked second with 18.8 percent share of the total free on board worth $19,505,120 which is lower by 21.2 percent from $24,747,741 in the same period the previous year.

The PSA-CAR reported that aircraft, spacecraft, and parts thereof ranked third at 15.8 percent share and posted a decrease of 4.6 percent equivalent to $16,391,204 in November 2018 from $17,185,716 recorded value in the same period the previous year.

Nuclear reactors, boilers, machinery and mechanical appliances ranked fourth with 2.3 percent share, which significantly decreased by 54.7 percent, or $2,403,153 in November last year from $5,299,763 during the same period the previous year based on the gathered statistics.

According to the report, optical photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus ranked fifth comprising 1 percent of the total imports which decreased by a whopping 95 percent from $15,565,364 in November 2017 to only $1,082,905 in November last year.

The PSA-CAR added that the country’s top 10 sources of imports for November last year posted a total import value of $112,999,346 or 96 percent of the total trade and Korea was the region’s top source of imports accounting for a total of $45,212,417 or 41.8 percent of the total value of imports. Majority of the imported products from Korea were electrical machinery and equipment and parts thereof, sound recorders and reproducers, television image and sound recorders and reproducers and accessories of such articles billed at $42,597,107 or 39.4 percent and commodities and transactions not classified elsewhere with $1,631,952 or 1.5 percent.

United States of America ranked as the region’s second largest source of imports with a total import worth $24,072,635 or 22.3 percent of the total value of imports and imported goods purchased consisted of aircraft, spacecraft and parts thereof worth $8,274,094 or 7.7 percent of the region’s total imports. Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers and parts and accessories of such articles ranked the second highest import from the US with a total value of $6,392,399 or 5.9 percent of the region’s total imports. By HENT

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