NSCB - Third Quarter 2005 GNP - Exports of Goods and Services

Third Quarter 2005
Gross National Product & Gross Domestic Product
by Expenditure Shares

Exports

Total Exports increased by only 3.9 percent in the third quarter of 2005, compared to its favorable performance of 17.1 percent in the previous year, as a result of weaker Merchandise Exports.

Merchandise Exports

The country’s Total Merchandise Exports turned in a lower growth of 3.2 percent in the third quarter of 2005 from 17.1 percent a year ago. Total Principal Merchandise Exports decelerated to 7.7 percent from 13.6 percent while Others (which includes electronic products that make up more than 50 percent of total merchandise exports), grew by 6.1 percent from 11.2 percent in 2004.

The top five contributors to the growth of Merchandise Exports were: Finished electrical machinery, which accelerated to 55.8 percent from 26.0 percent; Semiconductors, up by a miniscule growth of 0.3 percent from 19.4 percent; Crude coconut oil, up by 5.0 percent from 18.4 percent; Banana and plantains, up by 9.9 percent from negative 11.3 percent; and Dessicated Coconut, up by 8.4 percent from 8.8 percent.

On the other hand, the growth of Merchandise Exports was pulled down by the following: Bars and rods of copper, which declined by 48.7 percent from a growth of 78.5 percent; Centrifugal sugar, down by 77.0 percent following its huge growth of 449.7 percent; Gold from copper ores, down by 47.3 percent from negative 54.3 percent; Transmission apparatus, down by 55.1 percent from a growth of 49.3 percent; Prepared tuna, down by 58.9 percent from negative 11.3 percent; and Ignition wiring sets, which decreased by 22.3 percent from a growth of 71.8 percent.

Exports of Non-Factor Services

Exports of Non-Factor Services grew by 10.3 percent in the third quarter of 2005 from 12.8 percent in 2004 as all its subsectors except Insurance posted gains during the quarter.

Transportation and communication slowed down to 2.6 percent during the quarter, from a growth of 11.3 percent in the previous year. Travel Services followed the same trend as it grew by 6.6 percent from 22.5 percent.

Miscellaneous services, on the other hand, surged to 30.5 percent from a meager growth of 0.5 percent. Insurance declined by 13.3 percent from a growth of 14.5 percent in the same period last year.

TOP TEN MERCHANDISE EXPORTS
3rd Quarter 2005 and 3rd Quarter 2004
AT CONSTANT 1985 PRICES, IN MILLION PESOS

ITEMS	3rd Qtr 2005	3rd Qtr 2004	Growth Rate (%)
1. Finished elect'l machy	18,295	11,745	55.8
2. Semiconductors and electronic microcircuits	17,650	17,601	0.3
3. Garments	11,911	11,121	7.1
4. Crude coconut oil	6,387	6,084	5.0
5. Bars, rods of copper	1,830	3,566	-48.7
6. Banana and plantains	1,224	1,114	9.9
7. Other prods. manufactured	822	853	-3.6
8. Dessicated coconut	761	702	8.4
9.Petroleum Naphtha	526	536	-1.8
10. Canned pineapple	487	542	-10.2

EXPORTS OF GOODS AND SERVICES
3rdQuarter 2005 and 3rd Quarter 2004
AT CONSTANT 1985 PRICES, IN MILLION PESOS

I T E M S	3rd Qtr 2005	3rd Qtr 2004	Growth Rate (%)
Total Exports	159,219	153,182	3.9
Total Merchandise Exports	140,856	136,525	3.2
Non-Factor Services	18,364	16,657	10.3

Source: National Statistical Coordination Board (NSCB)

Posted 29 November 2005.