A.    EXPORTS

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

The UVI of exported goods for the first quarter of 2024 registered a faster annual growth rate of 4.8 percent from the 3.9 percent annual increase in the previous quarter. UVI for exports grew by 6.4 percent in the first quarter of 2023. (Figure 1, and Tables A and 2)

The acceleration in the annual growth rate of UVI for exports in the first quarter of 2024 relative to its annual increase in the fourth quarter of 2023 was mainly brought about by works of art, collectors’ pieces and antiques with a faster annual increment of 30.3 percent in the first quarter of 2024 from an annual increase of 21.8 percent in the previous quarter. This section contributed 62.6 percent to the faster annual growth rate of UVI for exports in the first quarter of 2024.

Completing the top three contributors to the faster annual growth rate of UVI for exports in the first quarter of 2024 were the annual increases 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 1.3 percent in the first quarter of 2024 from 0.9 percent annual increase in the fourth quarter of 2023, and prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured tobacco substitutes at 5.0 percent in the first quarter of 2024 from an annual decline of 1.0 percent in the previous quarter.

Of the remaining 18 sections, 10 exhibited annual increases, while eight posted annual decreases in the first quarter of 2024. (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 2024 were the following:

a.    Works of art, collectors’ pieces and antiques (30.3%);
b.    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 (1.3%); and
c.  Prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured tobacco substitutes (5.0%). (Tables B and 2)

B.    IMPORTS

1.    Works of art, collectors’ pieces and antiques was the primary driver to the uptrend of UVI for Imports

The UVI of imported goods registered an annual growth rate of 2.5 percent in the first quarter of 2024. This indicates an uptrend from the annual increase of 1.7 percent recorded in the fourth quarter of 2023. UVI for imports recorded an annual increase of 2.3 percent in the first quarter of 2023. (Figure 2, and Tables A and 4)

The uptrend in the annual growth rate of UVI for imports in the first quarter of 2024 was mainly contributed by the annual increase recorded in works of art, collectors’ pieces and antiques at 0.2 percent from an annual decrement of 8.1 percent in the fourth quarter of 2023. This section contributed 58.0 percent to the faster annual growth rate of UVI for imports in the first quarter of 2024.

Other main contributors to the higher annual rate of UVI for imports during the period were the faster annual increment in mineral products at 3.6 percent in the first quarter of 2024 from 0.7 percent in the fourth quarter of 2023, and the slower annual decline recorded in plastics and articles thereof; rubber and articles thereof at 1.4 percent in the first quarter of 2024 from 3.5 percent annual drop in the fourth quarter of 2023.

Of the remaining 18 sections, 11 sections registered annual increases, while seven recorded annual decreases in the first quarter of 2024. (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 2024 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 (3.7%);
b.    Mineral products (3.6%); and 
c.    Vehicles, aircraft, vessels and associated transport equipment (4.3%). (Tables C and 4)

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

See more at the Export and Import Indices