NSCB - First Quarter 2003 GNP - Imports of Goods and Services

First Quarter 2003
Gross National Product &
Gross Domestic Product by Expenditure Shares

Merchandise Imports

Total Merchandise Imports increased tremendously with 25.4 percent acceleration during the quarter as compared to its negative 3.1 percent performance last year. This was the highest recorded growth for the sector since the second quarter of 1994. Total principal merchandise imports continued to provide most of the growth accounting for 18.8 percentage points of the total growth of the sector for the period.

The top 15 merchandise imports grew by 27.5 percent, compared to the measly -1.0 percent growth posted during the same period in 2002. Twelve (12) of the 15 principal imports exhibited positive growths in the first quarter led by Electrical Machinery, the second largest import commodity, contributing 6.1 percentage points to the total growth. The leading import commodity, Mineral fuels, also contributed 4.6 percentage points to the growth of merchandise imports. Both commodity groups registered landmark growth rates of 40.5 percent and 26.4 percent, respectively. Rounding up the top five (5) gainers are Base metals, Machinery other than electrical machinery and Transport equipment registering growth rates of 41.0 percent, 22.4 percent and 43.2 percent, respectively.

Meanwhile, Importation of Cereals decreased considerably during the first quarter registering a negative 25.2 percent growth. Fertilizer manufacturing and Feeding stuff were the other top losers for the first quarter registering negative growth rates of 21.3 percent and 6.2 percent, respectively.

The imported commodities grouped under Others reported a 21.1 percent growth against its 3.2 percent decline last year. Imports on Consignment, on the other hand, continued to show vitality as it grew by 19.8 percent compared to last year’s negative 34.3 percent growth. This is largely due to the increase in importation of raw material inputs for the manufacture of semiconductor devices and electronic components.

The revisions made by NSO on the consigned electronic imports for 2000 to 2002 were reflected in the Philippine System National Account during the May 2003 round of estimation. Total merchandise imports for 2000 were valued at 1,591.0 billion pesos (CIF), higher by 143.1 billion pesos from the previous unadjusted series. In 2001, total merchandise imports stood at 1,722.0 billion pesos with total adjustments amounting to 184.5 billion pesos. By 2002, adjustments decreased considerably amounting 80.2 billion pesos, enlarging the total merchandise imports to 1,841.7 billion pesos. Overall, total merchandise imports increased by 9.9 percent, 12.0 percent and 4.6 percent from 2000 to 2001 compared to the old unadjusted merchandise import statistics series.

Imports of Non-Factor Services

Imports of non-factor services also posted significant improvements during the period reflecting a 6.9 percent increase after eight (8) consecutive quarters of negative growths.

Travel services, which accounts for 39.1 percent of the total non-factor services, continued to provide the biggest boost representing a 20.2 percent growth, a complete turnaround from its 20.5 percent decline registered last year. Except for Miscellaneous services, all other services sub-sector registered accelerated positive growth rates. Although registering a negative growth of 18.3 percent, availment of Miscellaneous services improved in the first quarter of 2003 from last years negative 37.9 percent.

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

ITEMS	1st Qtr 2003	1st Qtr 2002	Growth Rate (%)
Mineral fuels, lubricants and related materials	23,683	18,739	26.4
Machinery other than electrical machinery	10,756	8,791	22.4
Base metals	9,015	6,394	41.0
Electrical machinery, apparatus & appliances	23,036	16,392	40.5
Cereals & cereal products	2,675	3,578	(25.2)
Transport equipment	3,685	2,573	43.2
Chemical elements and compounds	4,454	3,502	27.2
Manufacture of metals	1,630	1,022	59.5
Textile yarns	5,945	5,093	16.7
Artificial resins and plastic materials	2,355	1,782	32.2

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

I T E M S	1st Qtr 2003	1st Qtr 2002	Growth Rate (%)
Total Imports	144,557	116,394	24.2
Total Merchandise Imports	136,263	108,638	25.4
Non-Factor Services	8,294	7,756	6.9

Source: National Statistical Coordination Board

Posted 29 May 2003


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