Exports increased by 6.51 percent from USD 285.96 million in March 2020 to USD 304.59 million in March 2021.
Imports soared nine-folds from USD 9.88 million in March 2020 to USD 92.71 million in March 2021.
Despite the upsurge in import, however, Balance of Trade in Goods (BoT-G) still declined by 23.26 percent. It dropped from USD 276.08 million in March 2020 to USD 211.88 million in March 2021 (Table 1).
The total volume of the region’s exports in March 2021 was 106.16 million kilograms with a total value of USD 304.59 million.
The bulk (95.58%) of the region’s export in March 2021 was the commodity group of copper and articles thereof worth USD 291.14 million. Other contributors were inorganic chemicals, organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group worth USD 8.87 million (2.91%); pulp of wood or of other fibrous cellulosic material, recovered (waste and scrap) paper or paperboard commodity group worth USD 2.49 million (0.82%); and, fertilizers commodity group worth USD 2.10 million (0.69%) (Table 2).
More than half or 57.02 percent of the region’s export in March 2021 went to People’s Republic of China valued at USD 173.68 million. The rest of the exports went to India worth USD 63.24 million (20.76%), Thailand worth USD 37.78 million (12.40%), Vietnam and Republic of Korea with exports valued at USD 10.55 million (3.47%) and USD 8.08 million (2.65%), respectively (Table 3).
The region’s total volume of imports in March 2021 had a gross weight of 194.34 million kilograms which amounted to USD 92.71 million.
Ores, slag and ash was the main commodity group imported by the region. This contributed USD 67.38 million or 72.68 percent of the region’s total value of import.
The commodity group of mineral fuels, mineral oils and products of their distillation, bituminous substances, mineral waxes worth USD 16.48 million covered 17.78 percent of the regional import receipts. Cereals commodity group contributed USD 2.91 million or 3.13 percent of the regional import receipts.
The major importer in March 2021 was Indonesia which supplied more than half (52.82%) or USD 48.97 million of the region’s total value of import. This was followed by Peru with USD 19.49 million (21.02%) imports, People’s Republic of China with USD 7.53 million (8.12%) worth of imports, while Singapore and Vietnam traded USD 6.85 million (7.38%) and USD 4.11 million (4.43%) worth of imports, respectively.
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.