NSCB - 2nd Quarter 2008 National Accounts - Imports of Goods and Services

Second Quarter 2008
Gross National Product &
Gross Domestic Product by Expenditure Shares

Total Imports up

Total imports improved, growing at a lower negative at 4.7 percent from negative 10.5 percent in the previous year pulled down by the Merchandise Imports.

Merchandise Imports still on a decline

Total Merchandise Imports improved to a lower negative growth of 2.5 percent from negative 11.6 percent in the previous year, as Principal Merchandise Imports bettered its performance last year, from negative 16.4 percent to negative 3.7 percent this year.

For the second quarter of 2008, the contributors to growth among the Principal Merchandise Imports were: Cereal and Cereal Products, which soared to 23.3 percent from negative 19.1 percent; Base Metals, shoot up to 5.0 percent from negative 19.3 percent; Machinery other than Electrical Machinery, posted a lower negative 1.8 percent from negative 13.8 percent; Fertilizers, which recovered from a negative 32.4 percent growth to a 37.4 percent upturn this year; and, Chemical Elements & Compounds, gained with 9.5 percent from negative 7.2 percent.

On the other hand, growth was pulled down by the declines registered in Mineral fuels, Lubricants and Related Materials, which further slipped to negative 13.1 percent from negative 12.1 percent; Textile Yarns, dived further to negative 22.7 from negative 14.8 percent; Manufacture of Metals, suffered a reversal of negative 25.1 percent from a growth of 22.9 percent; Dairy Products, suffered a setback declining by 31.7 percent from a 22.3 percent expansion; and, Textile Fibers, which went down further by 22.6 percent from negative 15.6 percent slump.

Imports of Non-Factor Services Sustains Expansion

Imports of Non-Factor services grew by 21.6 percent in the second quarter of 2008 from 12.0 percent in the previous year. The growth of the sector was boosted by Travel, which posted a growth of 8.1 percent from a meager growth of 0.8 percent; Transportation Services, which posted a slower growth of 11.4 percent from 15.4 percent; Miscellaneous Services, which grew by 35.6 percent from 25.8 percent; and, Government Services which swelled to 66.1 percent from 28.3 percent.

Meanwhile, the Insurance sub sector rose to a lower negative at 3.1 percent from negative 42.0 percent in the previous year.

Trade Balance posts surplus

In the second quarter of 2008, Total Exports (Merchandise and Non-factor Services), valued at P729.2 billion pesos at current prices exceeded Total Imports (Merchandise and Non-factor Services), valued at P719.4 billion pesos, resulting in a trade surplus of P9.9 billion pesos as against the trade surplus of 27.0 billion pesos registered in the same period last year.

The current trade surplus is 0.54 percent of GNP an improvement from last year’s 1.67 percent.

Trade Index still favorable

The terms of trade during the quarter posted a favorable trade index of 82.5 percent. This was lower than the trade index of 92.1 percent a year ago.

GNP Implicit Price Index (IPIN) stood at 512.97 percent from 473.46 percent in the previous year or an 8.3 percent growth from 2007.

TOP TEN MERCHANDISE IMPORTS
2nd Quarter 2007 and 2nd Quarter 2008

At Constant 1985 Prices

ITEMS	2nd Qtr 2007	2nd Qtr 2008	Growth Rate (%)
1. Mineral fuels,lubricantsand related materials	16,048	13,950	-13.1
2. Machinery other than electrical machinery	11,380	11,178	-1.8
3. Base metals	6,760	7,096	5.0
4. Electrical machinery, apparatus & appliances	22,755	21,470	-5.6
5. Cereals & cereal prods	4,524	5,578	23.3
6. Transport equipment	6,415	6,647	3.6
7. Chemical elements and compounds	4,047	4,431	9.5
8. Manufactures of metals	2,006	1,503	-25.1
9. Textile yarns	5,938	4,593	-22.7
10. Artificial resins and plastic materials	1,412	1,710	21.1

At Current Prices

ITEMS	2nd Qtr 2007	2nd Qtr 2008	Growth Rate (%)
1. Mineral fuels,lubricants and related materials	115,975	151,462	30.6
2. Machinery other than electrical machinery	62,212	65,316	5.0
3. Base metals	26,384	31,127	18.0
4. Electrical machinery, apparatus & appliances	97,669	93,206	-4.6
5. Cereals & cereal products	17,176	42,800	149.2
6. Transport equipment	29,828	32,416	8.7
7. Chemical elements and compounds	12,248	14,545	18.8
8. Manufactures of metals	5,992	4,623	-22.9
9. Textile yarns	12,401	8,513	-31.4
10. Artificial resins and plastic materials	10,935	13,727	25.5

IMPORTS OF GOODS AND SERVICES
2nd Quarter 2007 and 2nd Quarter 2008

At Constant 1985 Prices

I T E M S	2nd Qtr 2007	2nd Qtr 2008	Growth Rate (%)
Imports	155,765	154,154	-1.0
A. Merchandise Imports	146,284	142,624	-2.5
B. Non-Factor Services	9,481	11,530	21.6

At Current Prices

I T E M S	2nd Qtr 2007	2nd Qtr 2008	Growth Rate (%)
Imports	687,097	719,365	4.7
A. Merchandise Imports	645,775	673,756	4.3
B. Non-Factor Services	41,322	45,609	10.4

IMPORTS OF GOODS AND SERVICES
Annual 2007 and 2006
AT CONSTANT 1985 PRICES, IN MILLION PESOS

ITEM	2006	2007	Growth Rate (%)
Total Imports	656,021	626,745	-4.5
A. Merchandise Imports	618,436	583,505	-5.6
B. Non-Factor Services	37,585	43,239	15.0

IMPORTS OF GOODS AND SERVICES
Annual 2007 and 2006
AT CURRENT PRICES, IN MILLION PESOS

ITEM	2006	2007	Growth Rate (%)
Total Imports	2,894,694	2,802,659	-3.2
A. Merchandise Imports	2,716,261	2,616,992	-3.7
B. Non-Factor Services	178,433	185,667	4.1

Source: National Statistical Coordination Board (NSCB)

Posted 28 August 2008