Monday, March 29, 2021
Total trade in goods in Eastern Visayas slipped to USD 165.80 million in December 2020. This amount is 38.63 percent lower than the USD 270.18 million total trade reported in December 2019.
Total value of exports in Eastern Visayas dropped to USD 150.51 million in December 2020 from USD 255.05 million in December 2019 or a 40.99 percent contraction of exports revenues.
The total value of imports, meanwhile, slightly increased by 1.10 percent, from USD 15.13 million in December 2019 to USD 15.30 million in December 2020.
Consequently, the Balance of Trade (BoT) in goods registered a 43.64 percent decrease, from USD 239.92 million in December 2019 to USD 135.21 million in December 2020 (Table 1).
Total volume of exports in December 2020 was 77.37 million kilograms valued at USD 150.51 million.
The major export for the month was copper and articles thereof commodity group worth USD 138.99 or 92.35 percent of the region’s total export revenue. Animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes commodity group ranked second with a share of USD 6.04 million or 4.01 percent of the total exports. Fertilizers commodity group ranked third with USD 3.62 million export revenue which accounted for 2.40 percent of the export value in December 2020. The rest of the export revenues came from commodity group of pulp of wood or of other cellulosic material, recovered (waste and scrap) paper or paper board worth USD 1.13 million (0.75%); commodity group of ores, slag and ash worth USD 0.63 million (0.42%); and, commodity group of inorganic chemicals, organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes valued at USD 0.10 million (0.07%) (Table 2).
The region’s top export market destination was Thailand with USD 47.31 million worth of exports which comprised 31.43 percent of the total export revenues in December 2020. The People’s Republic of China, the second biggest exporter, generated USD 33.28 million or 22.11 percent of the total export revenues. Republic of Korea and Vietnam followed with USD 31.87million (21.17%) and USD 17.89 million (11.89%), respectively.
Total value of import receipts amounted to USD 15.30 million in December 2020 with total gross weight of 87.09 million kilograms.
Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes was the major commodity group imported by the region. Its import valued at USD 6.48 million in December 2020 was 42.39 percent of the region’s total import receipts during the period in review.
The commodity group of salt, sulphur, earths and stone; plastering materials, lime and cement was the second top import with USD 3.35 million import receipts comprising 21.92 percent of the regional import receipts. Cereals commodity group and of other vegetable textile fibres; paper yarn and woven fabrics or paper yarn commodity group contributed USD 1.66 million (10.82%) and USD 1.28 million (8.35%), respectively, to the regional import receipts in December 2020.
The region’s top import trading partners in December 2020 was Singapore with USD 3.95 million worth of imported goods, or 25.85 percent of the region’s total import value. Republic of Nauru ranked second with USD 3.15 million or 20.60 percent of the total import value during the month. Vietnam’s import worth USD 2.27 million was 14.82 percent; while that of the People’s Republic of China was USD 1.66 million or 10.86 percent of the regional import receipts. Other countries combined billed USD 4.27 million (27.88%) of the import receipts in December 2020.
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:
- Export Declaration (ED – DTI form)
- Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)
- Informal Import Declaration and Entry (BOC Form 177)
- 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. Final data revisions are made annually during the first quarter after the reference year to include documents received after the monthly revisions.
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