NSCB - First Quarter 2007 GNP - Exports of Goods and Services

First Quarter 2007
Gross National Product & Gross Domestic Product
by Expenditure Shares

Total Exports decelerates

Total Exports grew at a slower pace of 9.1 percent from 13.0 percent last year as both Merchandise Exports and Non-Factor services registered a decelerated growth in the first quarter of 2007.

Total Merchandise Exports slows down

The country’s total merchandise exports grew by 10.3 percent in the current quarter of 2007 from 11.4 percent registered in 2006. This was attributed to the slowdown in Principal Merchandise Export to 11.4 percent from 17.3 percent. However, the robust growth of Others, which include the electronic products that make up 48.3 percent of total merchandise exports, by 10.0 percent cushioned the deceleration of Total Merchandise Exports.

The top five contributors to the growth of merchandise exports were: Finished Electrical Machinery, which grew by 52.8 percent from 53.2 percent; Cathodes and Section of Cathodes of Refined Copper was up by 58.2 percent from 27.8 percent; Semiconductors and Electric Microcircuits, up by 2.5 percent from 14.1 percent; Other Products Manufactured which grew by 27.0 percent from 51.9 percent; and, Copper Concentrate which increased by 65.9 percent from 74.3 percent.

Growth of Merchandise Exports was pulled down by the following commodities: Crude Coconut Oil which plunged to negative 35.6 percent from a growth of 12.9 percent; Garments, down by 6.2 percent from negative 1.4 percent; Centrifugal Sugar down by 100.0 percent from negative 37.6 percent; Petroleum Naphtha, which down by 61.5 percent from 59.7 percent growth; and, Gold from Copper which slid to negative 17.1 from a growth of 51.0 percent.

Export of Non-Factor Services slackens

Exports of Non-Factor Services slackened to a growth of 3.6 percent in the first quarter of 2007 from 21.2 percent in 2006. Contributing to the growth of Non-Factor Services were: Insurance which rebounded to a 100.3 percent growth from a negative 10.0 percent and Miscellaneous Services, which includes payments for royalties and business process outsourcing services, grew by 12.9 percent from 38.6 percent.

On the other hand, Transportation declined by 8.4 percent from an growth of 8.3 percent; Travel was down by 1.1 percent from a growth of 11.7 percent; and, Government Services declined by 8.9 percent from positive 60.9 percent.

TOP TEN MERCHANDISE EXPORTS
1st Quarter 2006 and 1st Quarter 2007
IN MILLION PESOS

At Constant 1985 Prices

ITEMS	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
1. Garments	11,859	11,130	-6.2
2. Semiconductors and electronic microcircuits	21,887	22,440	2.5
3. Finished elect'l machy	13,003	19,871	52.8
4. Other prods. manufactured	805	1,022	27.0
5. Ignition wiring sets	444	489	10.1
6. Crude coconut oil	3,336	2,147	-35.6
7. Cathodes & Section of Cathodes, of Refined Copper***	2,607	4,123	58.2
8. Shrimps and prawns	262	270	3.2
9. Gold from copper ores	586	486	-17.1
10. Banana and plantains	1,402	1,356	-3.3

At Current Prices

ITEMS	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
1. Garments	32,244	29,019	-10.0
2. Semiconductors and electronic microcircuits	224,498	214,234	-4.6
3. Finished elect'l machy	39,827	57,331	43.9
4. Other prods. manufactured	8,639	9,854	14.1
5. Ignition wiring sets	9,486	10,059	6.0
6. Crude coconut oil	4,821	3,276	-32.1
7. Cathodes & Section of Cathodes, of Refined Copper***	7,924	14,579	84.0
8. Shrimps and prawns	736	723	-1.7
9. Gold from copper ores	999	892	-10.7
10. Banana and plantains	4,802	4,403	-8.3

*** Formerly Bars, Rods of Copper

EXPORTS OF GOODS AND SERVICES
1st Quarter 2006 and 1st Quarter 2007
IN MILLION PESOS

At Current Prices

I T E M S	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
Total Exports	660,247	695,068	5.3
A. Merchandise Exports	560,121	587,568	4.9
B. Non-Factor Services	100,126	107,500	7.4

At Constant 1985 Prices

I T E M S	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
Total Exports	142,303	155,286	9.1
A. Merchandise Exports	117,972	130,087	10.3
B. Non-Factor Services	24,331	25,200	3.6

EXPORTS OF GOODS AND SERVICES
2005 and 2006
IN MILLION PESOS

TYPE OF EXPENDITURE	AT CURRENT PRICES			AT CONSTANT PRICES
TYPE OF EXPENDITURE	2005	2006	Growth Rate (%)	2005	2006	Growth Rate (%)
Total Exports	2,589,739	2,797,986	8.0	565,742	629,093	11.2
Merchandise Exports	2,247,575	2,402,448	6.9	478,432	532,541	11.3
Non-Factor Services	342,164	395,538	15.6	87,310	96,552	10.6

Source: National Statistical Coordination Board (NSCB)

Posted May 31, 2007.


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