FDI drives imports of capital goods to record high levels

The rise in imports of machinery, equipment, tools and spare parts used in the production of other commercial goods is predominantly driven by foreign sector direct investment in manufacturing, said Department officials.

Imports of capital goods accounted for 18% of the total imports of the country in the four months leading up to May. The top three suppliers of such goods in descending order of magnitude of dollars were the Republic of Korea, China and Japan.

The continued foreign sector investment in manufacturing and capital goods bodes well for overall gross domestic product growth throughout the remainder of the year, noted Department officials.