Merchandise Exports

Total Merchandise Exports posted a  3.6 percent growth in the first quarter of 2003, a complete turnaround from the 3.7 percent decline during the same period last year. Monetization of gold posted a substantial increase of 70.3 percent, contributing 0.8 percentage points to the over-all growth. While total principal exports posted a significant improvement of 3.3 percent compared to its 11.9 percent drop last year.

Semiconductors, which accounts for the bulk of Total Merchandise Exports, went up by 14.6 percentage points as it showed a 12.0 percent growth from its negative 2.6 percent growth posted a year ago. Similarly, garments and crude coconut oil both exhibited a turnaround growth of 12.4 percent and 20.6 percent, respectively, after showing very poor performances a year ago.

On the other hand, consigned Finished Electrical Machinery and Bars, Rods of Copper posted negative growths during the quarter.  Consigned Finished Electrical Machinery, which accounts for 5.8 percent of Total Merchandise Exports, declined further to negative 40.1 percent from 26.3 percent drop registered during the same period of the previous year while Bars, Rods of Copper went down by 15.3 percent from the 22.4 percent growth posted a year ago.

Other Exports, which accounts for 48.7 percent of total merchandise exports, grew by 2.3 percent during the first quarter of 2003, which is lower than the 8.2 percent growth recorded a year ago.

Exports of Non-Factor Services

The Exports of Non-Factor services showed an improvement in the first quarter of 2003 as it reported a significantly lower negative growth of 0.5 percent compared to a negative 12.2 percent registered during the same period of the previous year. This was attributed to the improvement in three of its sub sectors.

Total Other Transportation, which accounts for 45.6 percent of total exports of services, posted a 14 percent growth this quarter from its 0.1 percent drop in the previous year on account of the increase in passenger transportation and freight services availed by non-residents especially during the first month of the year. Likewise, Miscellaneous services which accounts for 11.7 percent of total, showed a significant gain as it reported a lower negative growth of 3.5 percent as compared to its 34.3 percent decline last year. Meanwhile, Insurance services showed the biggest improvement as it surged to a 109.2 percent growth during the quarter from its 61.2 percent drop in the previous year.

With the looming US-Iraq war and SARS virus, Travel, which accounted for 40.6 percent of the total, registered a decelerated growth of 13.5 percent from the negative 12.0 percent growth posted a year ago. Likewise, Government services slipped to negative 41.4 percent from its 16.2 percent growth posted during the same period of the previous year.

TOP TEN MERCHANDISE EXPORTS
1st Quarter 2003 and 1st Quarter 2002
AT CONSTANT 1985 PRICES, IN MILLION PESOS

EXPORTS OF GOODS AND SERVICES
1st Quarter 2003 and 1st Quarter 2002
AT CONSTANT 1985 PRICES, IN MILLION PESOS

Source: National Statistical Coordination Board

Posted 29 May 2003