A.    EXPORTS

1.    Works of art, collectors’ pieces and antiques was the primary driver to the slower annual increment of UVI for Exports

The Unit Value Index (UVI) of exported goods for the fourth quarter of 2023 registered a slower annual growth rate of 3.1 percent from the 3.8 percent annual increase in the previous quarter. UVI for exports grew by 10.8 percent in the fourth quarter of 2022. (Figure 1, and Tables A and 2)

The deceleration in the annual growth rate of UVI in the fourth quarter of 2023 relative to its annual increase in the third quarter of 2023 was mainly brought about by works of art, collectors’ pieces and antiques with a slower annual increment of 3.2 percent in the fourth quarter of 2023 from an annual increase of 25.0 percent in the previous quarter. This section contributed 86.7 percent to the slower annual growth rate of UVI in the fourth quarter of 2023.

Completing the top three contributors to the slower annual growth rate of UVI for exports in the fourth quarter of 2023 were the annual decline observed in prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured tobacco substitutes at 1.2 percent in the fourth quarter of 2023 from a 3.3 percent annual increase in the third quarter of 2023, and the slower annual increment recorded in mineral products at 3.2 percent in the fourth quarter of 2023 from 7.0 percent in the previous quarter.

Of the remaining 18 sections, 10 exhibited annual increases, while eight posted annual decreases in the fourth quarter of 2023. (Tables A, B, and 2)

2.    Machinery and mechanical appliances; electrical equipment; parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles was the main contributor to the overall annual growth rate of UVI for Exports

The top three sections contributing to the overall annual growth rate of UVI for exports in the fourth quarter of 2023 were the following:

a.    Machinery and mechanical appliances; electrical equipment; parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles (4.2%);
b.    Works of art, collectors’ pieces and antiques (3.2%); and
c.    Base metals and articles of base metal (8.2%). (Tables B and 2)

B.    IMPORTS

1.    Mineral products was the primary driver to the uptrend of UVI for Imports

The UVI of imported goods registered an annual growth rate of 1.4 percent in the fourth quarter of 2023. This indicates an uptrend from the annual increase of 1.0 percent recorded in the third quarter of 2023. UVI for imports recorded an annual increase of 5.6 percent in the fourth quarter of 2022. (Figure 2, and Tables A and 4)

The uptrend in the annual growth rate of UVI for imports in the fourth quarter of 2023 was mainly contributed by the annual increase recorded in mineral products at 0.2 percent from an annual decrement of 8.2 percent in the third quarter of 2023. This section contributed 70.6 percent to the faster annual growth rate of UVI for imports in the fourth quarter of 2023.

Other main contributors to the higher annual rate of UVI for imports during the period were the faster annual increments in base metals and articles of base metal at 4.1 percent in the fourth quarter of 2023 from 0.4 percent in the third quarter of 2023, and vegetable products at 8.7 percent in the fourth quarter of 2023 from 4.1 percent in the third quarter of 2023.

Of the remaining 18 sections, 12 sections registered annual increases, while six recorded annual declines in the fourth quarter of 2023. (Tables A, C, and 4)

2.    Machinery and mechanical appliances; electrical equipment; parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles was the main contributor to the overall annual growth rate of UVI for Imports

The top three sections contributing to the overall annual growth rate of UVI for imports in the fourth quarter of 2023 were the following:

a.    Machinery and mechanical appliances; electrical equipment; parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles (6.7%);
b.    Vehicles, aircraft, vessels and associated transport equipment (8.9%); and 
c.    Base metals and articles of base metal (4.1%). (Tables C and 4)

CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General