Trade performance in Eastern Visayas declined in March 2022 relative to its level in the same period in 2021. Total export sales decreased by -22.73 percent from USD 304.59 million in March 2021 to USD 235.37 million in March 2022. Total import plunged -77.91 percent from USD 92.71 million in March 2021 to USD 20.48 million in March 2022.
Consequently, total trade of goods declined by -35.60 percent from USD 397.30 million in March 2021 to USD 255.85 million in March 2022.
Nevertheless, the region posted a trade surplus of USD 214.89 million in March 2022, slightly higher by 1.42 percent than the USD 211.88 million balance of trade in goods (BoT-G) in March 2021.
The region exported 110.57 million kilograms of goods in March 2022. The biggest slice of the total exports value was contributed by copper and articles thereof commodity group worth USD 225.82 million. This shared 95.94 percent to the total exports sales of the region in March 2022.
The commodity group of inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes which amounted to USD 6.01 million in March 2022 was 2.55 percent of the total export value.
The commodity group of pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard worth USD 2.65 million was 1.13 percent of the total export value. Meanwhile, residues and waste from the food industries; prepared animal fodder commodity group worth USD 0.90 million shared 0.38 percent to the total export sales in March 2022.
The top three trading partners include the People’s Republic of China with USD 108.83 million worth of exports or 46.24 percent of the total export sales in March 2022. Thailand followed with USD 70.18 million worth of exports or 29.82 percent of the export value. Exports to Republic of Korea worth USD 15.67 million shared 6.66 percent of the total export value in March 2022 (Table 3).
The region imported 47.79 million kilograms of goods in March 2022.
The commodity group of mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes worth USD 8.80 million accounted 42.96 percent of the total import value.
Import on cereals commodity group valued at USD 4.26 million comprised 20.82 percent of the total import value of the region in March 2022.
The region also imported goods under the commodity group of nuclear reactors, boilers, machinery and mechanical appliances; parts thereof valued at USD 1.97 million. This contributed 9.60 percent of the total import value in March 2022.
Import on inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group worth USD 1.78 million comprised 8.69 percent of the total import value of the region during the period in review (Table 4).
Import partners by country of origin was led by Republic of Korea which contributed almost one-third or 31.89 percent of the import value of the region at USD 6.53 million. Vietnam followed with USD 5.78 million worth of imports or a share of more than one-fourth or 28.24 percent of the total import value of the region. Malaysia completed the top three with imports valued at USD 2.59 million or 12.63 percent of the total import value of the region in March 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.