Eastern Visayas’ total trade in goods grew by 9.86 percent in March 2020. It increased to $294.14 million from $267.75 million in the same period in 2019.
Total value of exports amounted to $285.96 million. This figure is 13.67 percent higher compared with the $251.58 million exports in March 2019. The total value of imports, meanwhile, decreased by almost half (49.44 percent). The $16.17 million imports in March 2019 dropped to $8.18 million in March 2020.
The large increase in the total value of exports offset the big drop in the total value of imports. This resulted to an 18.00 percent increase in surplus in the total Balance of Trade in Goods (BoT-G) in March 2020. The $235.41 million trade surplus in March 2019 rose to $277.79 million trade surplus in March 2020 (Table 1).
The region’s total volume of exports in March 2020 posted at 124.85 million kilograms was valued at $285.96 million.
The major export during this month was the commodity group of copper and articles thereof. This accounted for almost two-thirds or 64.80 percent of the region’s total export revenue. This generated $185.32 million total revenue.
The second major export of the region in March 2020 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 jewellery; coin. This shared 28.31 percent of the total export revenue amounting to $80.95 million. Meanwhile, animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes commodity group recorded $13.46 million export revenue. This contributed 4.71 percent to the total export revenue during the month in review (Table 2).
The People’s Republic of China was the top export market destination with $98.07 million total export revenue. This accounted more than one – third (34.29 percent) of the region’s total exports in March 2020. Hong Kong ranked second with $80.95 million export revenue. It shared 28.31 percent of the total export revenue of the region in March 2020. India followed with $41.03 million export revenue, which accounted for 14.35 percent of the region’s total exports during the month in review (Table 3).
The region’s total imports amounted to $8.18 million in March 2020 with total gross weight of 60.64 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 $3.78 million. This comprised 46.18 percent of the region’s total imports in March 2020.
Cereals commodity group shared 13.24 percent of the region’s total imports in March 2020 valued at $1.08 million. While other vegetable textile fibres; paper yarn and woven fabrics of paper yarn commodity group valued at $1.00 million contributed 12.23 percent of the total imports of the region during the month in review (Table 4).
The top import supplier of the region in March 2020 was Vietnam. Its total import bill of $1.50 million comprised 18.32 percent of the region’s total imports. Singapore closely followed with $1.48 million import bill which accounted for 18.12 percent of the total imports. Malaysia ranked third with total imports valued at $1.25 million. This contributed 15.25 percent to the total regional imports during the reference month (Table 5).