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Merchandise Imports pull down Total Imports

Total imports contracted to negative 2.5 percent from 0.7 percent in the previous year, largely attributed to the lackluster performance of merchandise imports

Merchandise Imports decline

Total Merchandise Imports slid to negative 3.4 percent in the first quarter of 2007 from last year’s growth of 0.1 percent.  Imports on Consignment and Others boosted Total Merchandise Imports as it jumped by 24.5 percent from negative 11.6 percent and 5.8 percent from negative 1.3 percent growth, respectively.  The growth however, was pulled down by Principal Merchandise Imports which slid to negative 9.6 percent from a 1.7 percent growth last year.

The top five contributors to the growth of Merchandise Imports were: Manufacture of Metals which grew by 71.0 percent from 33.6 percent; Feeding Stuff, up by 21.4 percent from 33.6 percent; Machinery other than Electrical Machinery, up by 5.8 percent from negative 4.6 percent; Transport Equipment, up by 13.0 percent from 24.2 percent; and, Chemical Elements and Compounds which grew by 7.4 percent from negative 5.4 percent.

However, the above gains were offset by the declines registered in: Minerals, Fuels, Lubricants and related Materials, which plunged to negative 21.0 percent from negative 8.2 percent; Electrical Machinery, Apparatus and Appliances, down by 13.4 percent from a growth of 6.0 percent; Cereal and Cereal Products, down by 67.2 percent from 53.4 percent growth; Base Metals, down by 13.2 percent from negative 35.9 percent; and, Textile Yarns, which declined by 7.2 from positive 26.0 percent.

Imports of Non-Factor Services Accelerate

Imports of non-factor services went up by 11.6 percent in the first quarter of 2007 from 10.7 percent in 2006. Growth was boosted by Miscellaneous Services, which surged to 13.5 percent from 5.1 percent and Travel which grew by 16.1 percent from 18.7 percent.

Meanwhile, the rest of the sub sectors posted declines during the period.  Insurance further slipped from negative 34.5 percent to negative 28.9 percent; Transportation decreased by 2.3 percent from a growth of 0.1 percent while Government Services went down by 0.5 percent from a growth of 72.9 percent.

 

 

Trade Balance posts surplus

In the first quarter of 2007, Total Exports (Merchandise and Non-factor Services), valued at P695.1 billion pesos exceeded Total Imports (Merchandise and Non-factor Services), valued at P640.3 billion pesos at current prices, resulting in a trade surplus of P54.8 billion pesos. This was higher than the trade surplus of P22.6 billion pesos registered in the same period last year.

The current trade surplus stood at 3.3 percent of GNP from last year’s 1.5 percent.

Trade Index remains favorable

During the first quarter of 2007, the terms of trade posted a Trade Index of 101.4 percent.  This, however, was lower than the 108.3 percent posted in the same period last year. Trading Gains for the quarter amounted to P2.1 billion pesos.

GNP Implicit Price Index (IPIN) stood at 471.5 percent from 458.5 percent in the previous year or a 6.4 percent growth from 2006.

 

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

At Constant 1985 Prices

ITEMS	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
1. Mineral fuels,lubricantsand related materials	18,635	14,723	-21.0
2. Machinery other than electrical machinery	11,024	11,666	5.8
3. Base metals	4,295	3,728	-13.2
4. Electrical machinery, apparatus & appliances	25,684	22,248	-13.4
5. Cereals & cereal prods	4,196	1,377	-67.2
6. Transport equipment	3,481	3,933	13.0
7. Chemical elements and compounds	3,745	4,023	7.4
8. Manufactures of metals	1,609	2,751	71.0
9. Textile yarns	6,375	5,917	-7.2
10. Artificial resins and plastic materials	2,566	2,232	-13.0

At Current Prices

ITEMS	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
1. Mineral fuels,lubricants and related materials	98,002	83,551	-14.7
2. Machinery other than electrical machinery	65,384	67,394	3.1
3. Base metals	19,274	19,166	-0.6
4. Electrical machinery, apparatus & appliances	117,120	102,983	-12.1
5. Cereals & cereal products	19,442	7,478	-61.5
6. Transport equipment	21,525	24,483	13.7
7. Chemical elements and compounds	11,589	13,415	15.8
8. Manufactures of metals	4,377	6,469	47.8
9. Textile yarns	10,892	10,030	-7.9
10. Artificial resins and plastic materials	11,828	11,990	1.4

 

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

At Constant 1985 Prices

I T E M S	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
Imports	148,796	145,093	-2.5
A. Merchandise Imports	139,308	134,508	-3.4
B. Non-Factor Services	9,488	10,585	11.6

At Current Prices

I T E M S	1st Qtr 2006	1st Qtr 2007	Growth Rate (%)
Imports	637,627	640,268	0.4
A. Merchandise Imports	591,630	591,979	0.1
B. Non-Factor Services	45,997	48,289	5.0

 

IMPORTS OF GOODS AND SERVICES
2005 and 2006
IN MILLION PESOS

TYPE OF EXPENDITURE	AT CURRENT PRICES			AT CONSTANT PRICES
	2005	2006	Growth Rate (%)	2005	2006	Growth Rate (%)
Imports	2,816,243	2,873,562	2.0	643,839	655,791	1.9
A. Merchandise Imports	2,649,311	2,697,819	1.8	610,256	618,767	1.4
B. Non-Factor Services	166,932	175,743	5.3	33,583	37,024	10.2

 

Source: National Statistical Coordination Board (NSCB)

Posted May 31, 2007.

 

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