A.    EXPORTS

1.    Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; clocks and watches; musical instruments; parts and accessories thereof was the primary driver to the deceleration of UVI for Exports

The Unit Value Index (UVI) of exported goods for the first quarter of 2023 registered a slower growth of 6.6 percent from the 11.1 percent annual increase in the previous quarter. UVI for exports also grew by 5.0 percent in the first quarter of 2022. (Figure 1, and Tables A and 2)

The deceleration in the annual growth rate of UVI in the first quarter of 2023 relative to its annual increase in the fourth quarter of 2022 was mainly brought about by optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; clocks and watches; musical instruments; parts and accessories thereof with an annual decline of 23.6 percent in the first quarter of 2023 from an annual increment of 4.3 percent in the previous quarter. This section contributed 19.1 percent to the downtrend in the annual growth rate of UVI in the first quarter of 2023.

Other main contributors to the slower annual growth rate of UVI for exports in the first quarter of 2023 were the slowdown in the annual increases of works of art, collectors’ pieces and antiques at 53.7 percent in the first quarter of 2023 from 60.1 percent in the fourth quarter of 2022, and prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured tobacco substitutes, which declined by 7.1 percent in the first quarter of 2023 percent from 14.2 percent annual increase in the previous quarter.

Of the remaining 18 sections, 11 exhibited annual increases, while seven posted annual decreases in the first quarter of 2023. (Tables A, B, and 2)

2.    Works of art, collectors’ pieces and antiques 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 first quarter of 2023 were the following:

a.    Works of art, collectors’ pieces and antiques (53.7%);
b.   Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin (41.5%); and
c.    Mineral products (18.2%). (Tables B and 2)

B.    IMPORTS

1.    Vehicles, aircraft, vessels and associated transport equipment was the primary driver to the uptrend of UVI for Imports

The UVI of imported goods in the first quarter of 2023 registered an annual growth rate of 4.1 percent. This indicates an uptrend from the annual increase of 4.0 percent recorded in the fourth quarter of 2022. UVI for imports also recorded an annual increase of 14.4 percent in the first quarter of 2022. (Figure 2, and Tables A and 4)

The uptrend in the annual growth rate of UVI for imports in the first quarter of  2023 was mainly contributed by the annual increment recorded in vehicles, aircraft, vessels and associated transport equipment at 24.3 percent in the first quarter of 2023 from an annual decrement of 18.2 percent in the fourth quarter of 2022. This section contributed 61.1 percent to the uptrend in the annual growth rate of UVI for imports in the first quarter of 2023.

Completing the top three contributors to the higher annual rate of UVI for imports during the period were machinery and mechanical appliances; electrical equipment; parts thereof; sound recorders and reproducers, and parts and accessories of such articles with an annual increment of 6.7 percent in the first quarter of 2023 from an annual decline of 0.2 percent in the fourth quarter of 2022, and products of the chemical or allied industries, which registered a faster annual increase of 14.4 percent in the first quarter of 2023 from 7.0 percent in the fourth quarter of 2022.

Of the remaining 18 sections, 10 sections registered annual increases, while eight reflected annual declines in the first 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 first 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 (24.3%); and 
c.    Works of art, collectors’ pieces and antiques (4.5%). (Tables C and 4)

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

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