NSCB - 3rd Quarter 2008 National Accounts - Imports of Goods and Services

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

Total Imports up

Total imports went up to 5.1 percent from negative 5.0 percent in the previous year pushed up by the expansion in both Merchandise and Non Merchandise Imports.

Merchandise Imports rebounds

Total Merchandise Imports rebounded to a growth of 2.4 percent from negative 6.4 percent in the previous year, as Principal Merchandise Imports slightly grew by 0.1 percent from negative 6.8 percent in the previous year.

For the third quarter of 2008, the top contributors to growth among the Principal Merchandise Imports were: Cereals and Cereal products, which jumped by 66.7 percent from 0.9 percent; Base Metals, which rebounded to 23.0 percent from negative 31.2 percent; Manufactures of Metals, up by 40.9 percent from negative 12.3 percent; Transport Equipments, up by 13.8 percent from negative 7.8 percent; and, Chemical Elements and Compounds, up by 10.0 percent from 4.3 percent.

On the other hand, decline in imports was registered in the following: Minerals, Lubricants & Related Materials, negative 13.1 percent from a growth of 9.4 percent; Feeding Stuff, negative 31.4 percent from a growth of 32.1 percent; Electrical Machinery, Apparatus and Appliances, down by 4.0 percent from negative 14.4 percent; Textile Yarns, down by 19.0 percent from a growth of 16.5 percent; and, Dairy Products, negative 18.7 percent from a growth of 29.7 percent.

Imports of Non-Factor Services soars

Imports of non-factor services soared with a 46.0 percent growth in the third quarter of 2008 from 22.0 percent in the previous year. The growth of the sector came from the big increases in the following sub sectors: Miscellaneous Services up by 83.5 percent from 31.0 percent, Transportation, up by 16.1 percent from 10.7 percent; Insurance, with a huge 783.1 percent from negative 67.0; and, Government Services, by 65.7 percent growth from 27.3 percent.

On the other hand, the Travel sub sector declined by 2.2 percent from a growth of 25.2 percent in the previous year.

Trade Balance posts deficit

With the weakened economies of our major trading partners in the third quarter of 2008, Total Imports (Merchandise and Non-factor Services), valued at 818.54 billion pesos exceeded Total Exports (Merchandise and Non-factor Services), valued at 766.56 billion pesos at current prices, resulting in a trade deficit of 52.00 billion pesos as against the trade deficit of 21.15 billion pesos registered in the same period last year.

The current trade deficit is 3.0 percent of GNP compared to last year’s 1.0 percent.

Trade Index unattractive

During the quarter, the terms of trade posted a very unfavorable Trade Index of 79.0 percent, lower than the 81.7 percent registered the previous year.

GNP Implicit Price Index (IPIN) stood at 535.2 percent from 485.9 percent in the previous year or a 10.1 percent growth from 2007.

TOP TEN MERCHANDISE IMPORTS
3rd Quarter 2007 and 3rd Quarter 2008

At Constant 1985 Prices

ITEMS	3rd Qtr 2007	3rd Qtr 2008	Growth Rate (%)
1. Mineral fuels,lubricantsand related materials	16,435	14,288	-13.1
2. Machinery other than electrical machinery	14,765	15,097	2.2
3. Base metals	3,661	4,502	23.0
4. Electrical machinery, apparatus & appliances	28,012	26,905	-4.0
5. Cereals & cereal prods	4,859	8,098	66.7
6. Transport equipment	3,802	4,327	13.8
7. Chemical elements and compounds	4,225	4,648	10.0
8. Manufactures of metals	1,889	2,661	40.9
9. Textile yarns	5,279	4,277	-19.0
10. Artificial resins and plastic materials	1,923	2,032	5.7

At Current Prices

ITEMS	3rd Qtr 2007	3rd Qtr 2008	Growth Rate (%)
1. Mineral fuels,lubricants and related materials	123,810	172,403	39.2
2. Machinery other than electrical machinery	75,041	74,255	-1.0
3. Base metals	22,032	31,098	41.2
4. Electrical machinery, apparatus & appliances	119,245	116,218	-2.5
5. Cereals & cereal products	18,011	47,579	164.2
6. Transport equipment	30,238	36,156	19.6
7. Chemical elements and compounds	15,776	19,275	22.2
8. Manufactures of metals	5,513	7,951	44.2
9. Textile yarns	10,075	7,658	-24.0
10. Artificial resins and plastic materials	13,026	14,540	11.6

IMPORTS OF GOODS AND SERVICES
3rd Quarter 2007 and 3rd Quarter 2008

At Constant 1985 Prices

I T E M S	3rd Qtr 2007	3rd Qtr 2008	Growth Rate (%)
Imports	161,010	169,152	5.1
A. Merchandise Imports	151,241	154,891	2.4
B. Non-Factor Services	9,770	14,261	46.0

At Current Prices

I T E M S	3rd Qtr 2007	3rd Qtr 2008	Growth Rate (%)
Imports	738,450	818,545	10.8
A. Merchandise Imports	696,476	757,101	8.7
B. Non-Factor Services	41,974	61,444	46.4

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 27 November 2008