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

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

Total Exports adversely affected by Merchandise Exports

Total Exports increased by only 0.4 percent in the fourth quarter of 2005 compared to its favorable performance of 11.2 percent in 2004 as Merchandise Exports weakened significantly during the last quarter of this year.

Total Merchandise Exports suffer first decline since first quarter of 2002!

Total Merchandise Exports declined for the first time in four years by 0.5 percent from a growth of 10.5 percent in the same quarter last year. Total Principal Merchandise Exports turned in a lower growth rate of 1.8 percent from 22.4 percent while the Monetization of gold shrank by 14.3 percent from a high 120.3 percent in 2004.

The top five Merchandise Exports were: Finished electrical machineries, which grew at a slower pace of 38.9 percent from 59.4 percent; Banana and plantains, which expanded to 27.2 percent from a meager growth of 1.2 percent; Garments, which accelerated to 6.5 percent from 5.5 percent; Iron agglomerates, up by 27.4 percent from 11.8 percent; and Copper concentrates, which accelerated to 103.7 percent from 17.1 percent growth.

Growth of Merchandise Exports was pulled down by the following commodities : Semiconductors and electric microcircuits, which declined by 12.9 percent from a 42.3 percent growth; Crude Coconut Oil, which posted a lower negative growth of 7.3 percent from negative 28.4 percent Centrifugal sugar, with negative 97.9 percent from a huge growth of 288.0 percent last year; Transmission Apparatus with negative 55.6 percent from positive 248.9 percent; and Prepared Tuna, from 61.9 percent to negative 45.8 percent.

Export of Non-Factor Services slows down!

Exports of Non-Factor Services slowed down to 6.1 percent in the fourth quarter of 2005 from a higher growth of 15.6 percent in 2004. Contributing to the growth of Non-Factor Services were: Miscellaneous services, which includes payments for royalties and business services, up by 47.6 percent from negative 4.4 percent; and Travel services, up by 6.5 percent from 40.9 percent in the previous year.

On the other hand, Other transportation and Insurance suffered reversals of negative 19.2 percent from 5.6 percent and negative 16.5 percent from 10.7 percent growth, respectively.

TOP TEN MERCHANDISE EXPORTS
4th Quarter 2005 and 4th Quarter 2004
AT CONSTANT 1985 PRICES, IN MILLION PESOS

ITEMS	4th Qtr 2005	4th Qtr 2004	Growth Rate (%)
1.Semiconductors and electronic microcircuits	17,499	20,086	-12.9
2. Finished Electrical machinery	12,872	9,269	38.9
3. Garments	10,079	9,468	6.5
4. Banana and Plantains	4,007	3,151	27.2
5. Crude coconot oil	3,299	3,560	-7.3
6. Bars, rods and copper	1,881	1,903	-1.2
7. Iron agglomerates	783	615	27.4
8. Dessicated coconut	608	761	-20.1
9.Canned pineapple	526	537	-2.0
10. Shrimp and prawns	479	605	-20.7

EXPORTS OF GOODS AND SERVICES
4thQuarter 2005 and 4th Quarter 2004
AT CONSTANT 1985 PRICES, IN MILLION PESOS

I T E M S	4th Qtr 2005	4th Qtr 2004	Growth Rate (%)
Total Exports	128,249	127,691	0.4
Total Merchandise Exports	109,277	109,816	-0.5
Non-Factor Services	18,972	17,875	6.1

Source: National Statistical Coordination Board (NSCB)

Posted 29 November 2005.