Tuesday, December 3, 2019
The region’s total trade in goods in August 2019 significantly increased to $211.08 million from $142.13 million in the same period in 2018, a growth by 48.50 percent.
Total value of exports amounted to $193.70 million, 52.80 percent higher compared with the $126.77 million exports in August 2018. Total value of imports, meanwhile, grew by 13.05 percent, from $15.37 million imports in August 2018 to $17.37 million in August 2019. Consequently, the region posted a $176.33 million surplus in the total Balance of Trade in Goods (BoT-G) in August 2019, higher by 58.28 percent compared with the $111.40 million trade surplus in August 2018 (Table 1).
The region’s total volume of exports in August 2019 was posted at 47.47 million kilograms valued at $193.70 million.
The commodity group of copper and articles thereof was the major export during the month in review with total revenue of $101.45 million. This accounted for more than half or 52.37 percent of the region’s total export revenue in August 2019.
The second major export of the region in August 2019 was the commodity group of natural or cultured pearls, precious or semi-precious stones, precious metal, metal clad with precious metals and articles thereof; imitation jewelry; coin. This commodity group posted an export revenue of $77.91 million, which shared 40.22 percent of the total export revenue. Meanwhile, animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes commodity group recorded $9.20 million export revenue or 4.75 percent of the total export revenue during the month in review (Table 2).
Hong Kong was the top export market destination with $77.91 million total export revenue, which shared 40.22 percent of the region’s total exports. People’s Republic of China ranked second with $64.93 million export revenue or 33.52 percent of the total exports in August 2019. Thailand followed with $23.12 million export revenue, which accounted for 11.93 percent of the region’s total exports (Table 3).
The region’s total imports amounted to $17.37 million in August 2019 with total gross weight of 72.51 million kilograms.
Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group was the major import during the month with total revenue of $5.48 million, comprising 31.55 percent of the region’s total imports in August 2019.
Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes commodity group shared 20.94 percent of the region’s total imports in August 2019 valued at $3.64 million. While fertilizers commodity group valued at $1.55 million, comprised 8.90 percent of the total imports of the region (Table 4).
The top import supplier of the region in August 2019 was Vietnam with total import bill of $5.93 million, comprising 34.13 percent of the region’s total imports. People’s Republic of China ranked second with $3.09 million import bill or 17.81 percent of the total imports. Oman followed with total imports valued at $1.36 million, contributing 7.83 percent to the total regional imports (Table 5).
Export and Import Trade Statistics are compiled by the Philippine Statistics Authority (PSA) from copies of export and import documents submitted to the Bureau of Customs (BOC) by exporters and importers or their authorized representatives as required by law. PSA collects copies of the following accomplished forms:
1. Export Declaration (ED – DTI form)
2. Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)
3. Informal Import Declaration and Entry (BOC Form 177)
4. Single Administrative Documents (SAD)
The output of the Automated Export Documentation System (AEDS) of the BOC is being utilized to generate export statistics. AEDS is a paperless transaction in lieu of the manual filling-up of export documents.
Moreover, an electronic copy of the IEIRD, or SAD, is utilized to capture the monthly import figures. SAD-IEIRD is an on-line submission of import documents either by brokers or companies. These are transactions that pass through the Automated Cargo Operating System (ACOS), now called the e2m (electronic to mobile) customs system, a system implemented through the BOC e-Customs Project.
All documents (hard copies and e-files) received before the cut-off date which is every 25th day of the month, are compiled, processed and generated in monthly statistical tables for the preparation of Press Release. All documents received after the cut-off date, however, are processed and included in the generation of the revised monthly statistical tables.
The digitized copies of all documents are provided by BOC and PEZA to PSA on a monthly basis through email.
The 2015 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed 10-digit code level for statistical purposes.
SGD. WILMA A. PERANTE