Eastern Visayas' Trade Surplus drops by 64.48% in August 2020

Reference Number: 

202012-0800-45

Release Date: 

Wednesday, December 9, 2020

Eastern Visayas’ surplus in the total Balance of Trade in Goods (BoT-G) plunged by 64.48 percent in August 2020. The $174.10 million trade surplus in August 2019 dipped to $61.84 million trade surplus in August 2020.

The region’s total trade in goods dropped by more than half (58.28%) in August 2020 to $88.98 million from $213.31 million in the same period in 2019 (Table 1).
 
The total value of exports in August 2020 was posted at $75.41 million, weighing 52.40 million kilograms. This value is significantly lower by 61.07 percent compared with the $193.70 million exports in August 2019. The major export during this month was the commodity group of copper and articles thereof, which accounted for 83.08 percent of the region’s total export revenue. This generated $62.65 million total revenue (Table 2). The People’s Republic of China was the top export market destination with $36.40 million total export revenue. This accounted for almost half (48.27%) of the region’s total exports in August 2020 (Table 3).
 
The region’s total value of imports declined by 30.77 percent. The $19.60 million imports in August 2019 decreased to $13.57 million in August 2020, with total gross weight of 94.71 million kilograms. Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes commodity group was the major import during the reference month with a total revenue of $5.83 million. This comprised the bulk or 42.99 percent of the region’s total imports in August 2020 (Table 4). The top import supplier of the region during the month in review was Vietnam. Its total import bill of $3.64 million comprised more than a quarter (26.85%) of the region’s total imports (Table 5).
 
WILMA A. PERANTE
Regional Director

 

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