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 second quarter of 2023 registered a slower annual growth rate of 4.1 percent from the 6.6 percent annual increase in the previous quarter. UVI for exports also grew by 4.9 percent in the second quarter of 2022. (Figure 1, and Tables A and 2)

The deceleration in the annual growth rate of UVI in the second quarter of 2023 relative to its annual increase in the first quarter of 2023 was mainly brought about by works of art, collectors’ pieces and antiques with a slower annual increment of 27.9 percent in the second quarter of 2023 from an annual increase of 34.6 percent in the previous quarter. This section contributed 32.0 percent to the slower annual growth rate of UVI in the second quarter of 2023.

Other main contributors to the slower annual growth rate of UVI for exports in the second quarter of 2023 were the annual declines observed in 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 at 0.4 percent in the second  quarter of 2023 from a 1.0 percent annual increase in the first quarter of 2023, and the slower annual increment recorded in mineral products at 4.5 percent in the second quarter of 2023 from a 19.3 percent annual increase in the previous quarter.

Of the remaining 18 sections, 13 exhibited annual increases, while five posted annual decreases in the second 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 second quarter of 2023 were the following:

a.   Works of art, collectors’ pieces and antiques (27.9%);
b.   Base metals and articles of base metal (7.8%); and
c. Prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured tobacco substitutes (6.4%). (Tables B and 2)

B.    IMPORTS

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

The UVI of imported goods registered an annual growth rate of 1.1 percent in the second quarter of 2023. This indicates a slowdown from the annual increase of 2.2 percent recorded in the first quarter of 2023. UVI for imports also recorded an annual increase of 13.4 percent in the second quarter of 2022. (Figure 2, and Tables A and 4)

The slower annual growth rate of UVI for imports in the second quarter of 2023 was mainly contributed by the faster annual decrease recorded in mineral products at 12.4 percent from an annual decrement of 1.0 percent in the first quarter of 2023. This section contributed 78.8 percent to the slower annual growth rate of UVI for imports in the second quarter of 2023.

Completing the top three contributors to the slower annual rate of UVI for imports during the period were the slower annual increments in works of art, collectors’ pieces and antiques at 1.5 percent in the second quarter of 2023 from an annual increment of 3.0 percent in the first quarter of 2023, and plastics and articles thereof; rubber and articles thereof at 0.7 percent in the second quarter of 2023 from an annual increment of 3.5 percent in the first quarter of 2023.

Of the remaining 18 sections, 14 sections registered annual increases, while four reflected annual declines in the second 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 second 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 (5.8%);
b.   Vehicles, aircraft, vessels and associated transport equipment (9.7%); and 
c.   Vegetable products (9.5%). (Tables C and 4)

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