Eastern Visayas recorded a 24.04 percent decline in total trade in goods, from USD 300.31 million in January 2020 to USD 228.11 in January 2021.
Total value of exports dropped by 43.28 percent, from USD 291.54 million in January 2020 to USD 165.35 million in January 2021.
On the other hand, the total value of imports soared to USD 62.76 million in January 2021, around seven fold of its USD 8.77 million value in January 2020.
Balance of Trade in goods (BoT-G), or the difference between the value of export and import, plunged by 63.72 percent from USD 282.76 million in January 2020 to USD 102.58 million in January 2021 (Table 1).
Total volume of exports in January 2021 had a gross weight of 68.8 million kilograms with a total value of USD 165.35 million. The top three commodity groups exported were: (1) copper and articles thereof worth USD 158.78 (96.03%);
(2) animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes worth USD 3.61 million (2.18%); and (3) fertilizers worth USD 2.33 million (1.41%). Other contributors to the export market in the region were commodity groups of ores, slag and ash valued at USD 0.33 million (0.20%); and inorganic chemicals, organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes valued at USD 0.31 million (0.19%) (Table 2).
The major trading partner in January 2021 was the People’s Republic of China which remitted 63.87 percent or USD 105.62 million of the regional export revenues. This was followed by Thailand and Vietnam with an export value of USD 28.87 (17.46%) and USD 18.14 million (10.97%), respectively.
Imported goods in January 2021 had a gross weight of 181.7 million kilograms which amounted to USD 62.76 million.
The commodity group of ores, slag and ash comprised the bulk or about two-thirds (62.18%) of the region’s total import bill in January 2021 valued at USD 39.03 million. This was followed by commodity groups of mineral fuels, mineral oils and products of their distillation, bituminous substances, mineral waxes worth USD 13.26 million (21.13%); and cereals worth USD 4.47 million (7.13%).
Papua New Guinea’s total imports accounted for the largest share of USD 38.75 million or 61.73 percent of the region’s total import in January 2021. This was followed by Singapore with USD 10.26 million (16.35%), Vietnam with USD 4.60 million (7.33%), and Algeria with USD 2.11 million (3.36%). Other countries combined billed USD 7.04 million or 11.22 percent of the regional import receipts for the month in review.
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.