Eastern Visayas recorded a 20.01 percent annual growth in total trade of goods at USD 274.91 million in January 2022 from USD 229.07 million in January 2021.
The improvement in trade performance was attributed to the 45.86 percent increase in exports to USD 241.18 million in January 2022 from USD 165.35 million in January 2021.
In contrast, there was a drop in imports by -47.06 percent from USD 63.72 million in January 2021 to USD 33.73 million in January 2022.
The region’s trade surplus was posted at USD 207.45 million in January 2022, more than double (104.12%) the USD 101.63 million surplus in January 2021.
The total volume of the region’s export in January 2022 was 69.19 million kilograms. The commodity group of copper and articles thereof worth USD 231.74 million contributed the biggest chunk to the total export of the region. This comprised 96.09 percent of the total export value in January 2022.
The commodity group of fertilizers amounting to USD 6.35 million in January 2022 was 2.63 percent of the export value for the period. Meanwhile, the commodity group of inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes worth USD 3.09 million shared 1.28 percent of the total export sales.
The top destinations of the region’s exports were led by People’s Republic of China which accounted for the highest export value of USD 148.86 million or a share of 61.72 percent to the total export value in January 2022. Thailand came next with USD 49.18 million or 20.39 percent of the total export value. Vietnam followed with USD 14.62 million or a share of 6.06 percent of the total export value. Indonesia and Malaysia completed the top five export destinations in January 2022 with USD 10.69 million and USD 8.65 million export values, respectively (Table 3).
The total volume of the region’s imported commodities in January 2022 was 69.11 million kilograms. In terms of value, almost two-thirds (62.21%) were contributed by the commodity group of mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes with import value of USD 20.98 million.
Cereals commodity group accounted for USD 5.41 million or 16.04 percent of the total import value of the region in January 2022.
Imports on inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group worth USD 1.68 million covered 4.99 percent of the total import value of the region during the period in review.
The commodity group of other vegetable textile fibers; paper yarn and woven fabrics of paper yarn with USD 1.32 million comprised 3.91 percent of the total import value in January 2022.
Miscellaneous chemical products commodity group worth USD 1.02 million shared 3.02 percent of the total import value in January 2022. Other commodity groups combined at USD 3.32 million composed 9.83 percent of the region’s total import value in January 2022 (Table 4).
Import partners by country of origin was led by Malaysia which contributed USD 12.14 million, more than one-third or 35.99 percent of the import value of the region in January 2022. Vietnam followed with import value of USD 6.25 million or a share of 18.53 percent. Republic of Korea and Thailand came close with imports worth USD 4.99 million and USD 4.47 million that corresponded to a share of 14.79 percent and 13.26 percent, respectively. Completing the top five import of origin was People’s Republic of China with imports worth USD 1.55 million or a share of 4.60 percent to the total import value of the region in January 2022 (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:
- 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 2019 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed 10-digit code level for statistical purposes.