petroleum merchandise allowed

Adecline in import prices of crude and petroleum merchandise allowed the united states of america to have a decrease oil import invoice in 2016, the Department of Energy (DoE) stated in a record on Monday.

DoE facts confirmed the usa’s import bill was down 13.5 percentage at $7.451.Nine billion remaining year from $eight.612.0 billion in 2015.

The import bill consists of 55.4 percentage completed products and 44.6 percent crude oil.

Crude oil imports amounted to $3.321.0 billion, down 17.9 percent from $four.043.1 billion on decrease value, insurance and freight (CIF) in step with barrel. Last yr’s CIF become $42.159 per bbl from $fifty one.795 in 2015.

On the other hand, the u . S .’s receipts from petroleum exports fell by way of 23.2 percentage to $675.0 million from $878.7 million, specifically on decrease volume of shipments and FOB in step with barrel.

As a end result, the u . S .’s internet oil import invoice amounted to $6.776.Eight billion, down 12.Four percentage from $7.733.Three billion.

The overall crude imports reached 78.772 million barrels, up zero.Nine percentage from seventy eight.060 million barrels.

Eighty-seven percent of the full crude imports or sixty eight.537 million barrels turned into sourced from the Middle East, of which 36.1 percent or 28.438 million barrels got here from Saudi Arabia, the Philippines’ top supplier of crude.

Kuwait accounted for 33.6 percentage percentage and the UAE for thirteen.3 percent.

While, 6.7 percentage or 5.256 million barrels became imported from Russia, 6.3 percentage or four.980 million barrels turned into sourced from the Asean and 135,000 barrels from domestic output.

Imported petroleum products totaled 86.108 million barrels in 2016, up 12.Nine percent from 76.276 million barrels in 2015.

THE Board of Investments (BoI) forecast a double-digit increase in overall nearby and foreign investment flows this yr to reach the P500 billion mark, mentioning the u . S .’s sound macroeconomic basics.

On Monday, Trade Undersecretary and BoI Managing Head Ceferino Rodolfo said the BoI is bullish about investment flows for the full year, seeing increase of thirteen.7 percentage from P441 billion in 2016.

Rodolfo referred to a Bangko Sentral ng Pilipinas (BSP) document on Friday that internet overseas direct funding (FDI) reached $7.Ninety three billion in 2016, a 40.7-percent growth from $five.Sixty four billion in 2015. That surpassed by means of 18.Four percent the $6.7 billion mark in advance projected for the year by the BSP.

The amount of FDI registered with Investment Promotion Agencies (IPAs) accounted for 22.Five percent, or $1.78 billion (P89.Three billion), of the total FDI in 2016, the BoI stated.

“The overseas funding stage in the 2nd semester of last 12 months turned into almost double that of the primary semester, without a doubt indicating developing overseas buyers’ self belief in the usa’s sound economic policies, and appealing enterprise environment,” Trade Secretary and BoI Chairman Ramon Lopez said.