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Thursday, March 02, 2006
Bigger production of goods expected: Neda
BIGGER productions of goods are expected in the coming months due to the increased imports of capital goods according to NEDA Chief Romulo Neri.
Based on the reports of the National Statistics Office, merchandise imports increased by 21.7 percent to $4.0 billion in December 2005 that led to an increase on all the major commodity groups except consumer goods.
One of the sectors that continue to expand is the Information and Communication Technology Sector (ICT) with its importation of telecommunication equipment and electrical machinery pegged at 23.8%.
Imports of raw materials and intermediate good also rose by 16.9 percent due to increase in materials and accessories for the manufacture of electrical equipment by 28.5%, manufactured goods by 7.1 percent, chemicals by 2.8 percent and crude materials by 6.6 percent.
Minerals fuels, lubricants and related materials also rose by 28.6 percent, as prices of petroleum crude in the world market remained high at 55.5 percent.
Importation of consumer goods reduced by 6.8 percent due to reduction in durable equipment like cars and motorcycles as well as non-durable goods shipments like dairy products.
Cumulative imports totaled $44.9 billion which marks a two percent growth over that of 2004, but which is still below the target of 12 percent. With exports pegged at $41.2 billion, Neri said trade deficit stands at $3.7 billion, or 15.4 percent lower than that of last year.
With the positive growth noted in imports of electric products, Neri said more production are expected in the coming months and points to sustained growth.(PIA)
(March 2, 2006 issue)
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