NSCB - First Quarter 2006 GNP - Imports of Goods and Services

First Quarter 2006
Gross National Product &
Gross Domestic Product by Expenditure Shares

Imports boost by Non-Factor Services

Total imports grew by 0.6 percent from negative 2.2 percent in the previous year, enhanced by the favorable performance of Non-Factor Services.

Merchandise Imports slightly recover

Total Merchandise Imports slightly recovered to a growth of 0.2 percent in the first quarter of 2006 from last year’s negative growth of 3.2 percent. Growth came from Principal Merchandise, which bounced back to 1.6 percent from negative 10.2 percent.

The top five contributors to the growth of Merchandise Imports were: Cereals and Cereal Products, which grew by 53.5 percent from negative 8.5 percent; Electrical machinery, apparatus and appliances, which gained 6.0 percent from a negative growth of 9.2 percent; Textile yarns, rose by 26.0 percent from negative 4.7 percent; Feeding stuff, up by 33.6 percent from negative 4.3 percent; and Transport Equipment, increased by 24.2 percent from negative 14.4 percent.

This, however, was offset by declines experienced by: Textile Fibers, which dropped to negative 21.3 percent from negative 8.5 percent; Base metals, fell to negative 35.9 percent from negative 26.6 percent; Mineral fuels, lubricants and related materials, down by negative 8.2 percent from negative 8.5 percent; Machinery other than electrical machinery, with a lower negative growth of 4.7 percent from negative 10.9 percent in the previous year; and Dairy Products, which slipped to negative 14.6 percent from 9.2 percent.

Imports of Non-Factor Services decelerate

Imports of non-factor services decelerated to 8.2 percent in the first quarter of 2006 from a substantial growth of 18.0 percent in 2005. While imports of Government services showed a significant increase of 29.7 percent from 7.4 percent, three of the sub-sectors posted slippages in growths from the first quarter of 2005 to the first quarter of this year.

Trade Balance continues to post surplus

In the first quarter of 2006, Total Exports (Merchandise and Non-factor Services), valued at P648.7 billion pesos exceeded Total Imports (Merchandise and Non-factor Services), valued at P636.6 billion pesos at current prices, resulting in a trade surplus of P12.2 billion pesos. This is more favorable than the trade deficit of P36.8 billion pesos registered in the same period last year.

The current trade surplus stood at 0.8 percent of GNP from last year’s negative 2.8 percent.

Trade Index remains favorable

The terms of trade during the quarter posted a favorable Trade Index of 108.3 percent from 111.6 percent in 2005. Trading Gains for the quarter amounted to P11.5 billion pesos.

GNP Implicit Price Index (IPIN) stood at 457.3 percent from 431.0 percent in the previous year or a 6.10 percent growth from 2005.

TOP TEN MERCHANDISE IMPORTS
1st Quarter 2006 and 1st Quarter 2005
IN MILLION PESOS

At Constant 1985 Prices

ITEMS	1st Qtr 2005	1st Qtr 2006	Growth Rate (%)
1. Mineral fuels,lubricants and related materials	20,309	18,635	-8.2
2. Machinery other than electrical machinery	11,558	11,020	-4.7
3. Base metals	6,700	4,296	-35.9
4. Electrical machinery, apparatus & appliances	24,234	25,676	6.0
5. Cereals & cereal prods	2,735	4,196	53.4
6. Transport equipment	2,802	3,481	24.2
7. Chemical elements and compounds	3,959	3,740	-5.5
8. Manufactures of metals	1,204	1,608	33.5
9. Textile yarns	5,059	6,374	26.0
10. Artificial resins and plastic materials	2,235	2,570	15.0

At Current Prices

ITEMS	1st Qtr 2005	1st Qtr 2006	Growth Rate (%)
1. Mineral fuels,lubricants and related materials	75,794	98,003	29.3
2. Machinery other than electrical machinery	70,149	65,360	-6.8
3. Base metals	27,527	19,278	-30.0
4. Electrical machinery, apparatus & appliances	115,310	117,086	1.5
5. Cereals & cereal prods	11,877	19,442	63.7
6. Transport equipment	17,115	21,529	25.8
7. Chemical elements and compounds	11,671	11,574	-0.8
8. Manufactures of metals	3,814	4,374	14.7
9. Textile yarns	8,845	10,890	23.1
10. Artificial resins and plastic materials	11,077	11,848	7.0

IMPORTS OF GOODS AND SERVICES
1st Quarter 2006 and 1st Quarter 2005
IN MILLION PESOS

At Constant 1985 Prices

I T E M S	1st Qtr 2005	1st Qtr 2006	Growth Rate (%)
Total Imports	147,730	148,649	0.6
Total Merchandise Imports	139,139	139,355	0.2
Non-Factor Services	8,591	9,293	8.2

At Current Prices

I T E M S	1st Qtr 2005	1st Qtr 2006	Growth Rate (%)
Total Imports	632,080	636,562	0.7
Total Merchandise Imports	590,700	591,508	0.1
Non-Factor Services	41,380	45,054	8.9

IMPORTS OF GOODS AND SERVICES
2004 and 2005
IN MILLION PESOS

TYPE OF EXPENDITURE	AT CURRENT PRICES		AT CONSTANT PRICES
TYPE OF EXPENDITURE	2004	2005	2004	2005
Imports	2,659,009	2,816,077	628,911	643,807
Merchandise Imports	2,507,035	2,649,311	597,944	610,256
Non-Factor Services	151,974	166,766	30,966	33,551

Note: Estimates of Merchandise Imports for 2003-2005 were revised to reflect the NSO revised Import figures released in August 2005. Note that import figures released prior to 2003 are not linked to the above-cited estimates.

Source: National Statistical Coordination Board (NSCB)

Posted May 31, 2006.


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