Thursday, September 30, 2021
Total trade of goods in Eastern Visayas grew by 66.69 percent to USD 226.64 million in May 2021 from USD 135.97 million in May 2020.
The increases in both exports and imports resulted to the upswing in trade performance. The total value of exports recorded a 55.76 percent increase from USD 129.05 million in May 2020 to USD 201.01 million in May 2021. While the total value of imports grew by almost four-folds from USD 6.91 million in May 2020 to USD 25.63 million in May 2021.
Balance of Trade in Goods (BoT-G) stood at USD 175.38 million in May 2021, up by 43.58 percent from USD 122.14 million in May 2020. The region sustained its trade surplus in May 2021 with exports comprising 88.69 percent of the region’s total trade while imports contributed 11.31 percent.
The total volume of goods exported by the region in May 2021 was 161.89 million kilograms valued at USD 201.01 million.
The region’s top export was the commodity group of copper and articles thereof worth USD 194.97 million or 96.99 percent of the total value of exports in May 2021. Other shipments were the following: commodity group of pulp of wood or of other fibrous cellulosic material, recovered (waste and scrap) paper or paperboard worth USD 3.37 million (1.68%); ores, slag and ash commodity group worth USD 1.45 million (0.72%); and inorganic chemicals, organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group worth USD 1.22 million (0.61%) (Table 2).
The People’s Republic of China was the region’s top export destination in May 2021 covering USD 138.48 million or more than two-thirds (68.89%) of the region’s export value. The rest of the export sales came from Thailand with USD 30.84 million (15.34%), Vietnam with USD 13.92 million (6.92%), Indonesia with USD 5.83 million (2.90%), Republic of Korea with USD 4.50 million (2.24%), Malaysia with USD 3.33 million (1.66%), UK of Great Britain and N. Ireland with USD 1.24 million (0.62%), USA and Saudi Arabia with USD 1.10 million and USD 1.09 million, respectively. Exports from other countries combined worth USD 0.67 million accounted for 0.34 percent of the total trade in May 2021 (Table 3).
The total volume of imported goods in May 2021 was 111.69 million kilograms valued at USD 25.63 million.
The region’s top imported goods were the commodity group of mineral fuels, mineral oils and products of their distillation, bituminous substances, mineral waxes. This accounted for USD 16.84 million or almost two-third (65.70%) of the total import value of the region in May 2021. This was followed by cereals commodity group with USD 2.68 million (10.47%); other vegetable textile fibers; paper yarn and woven fabrics of yarn commodity group with USD 1.97 million (7.68%); inorganic chemicals, organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group with USD 1.84 million (7.16%); and salt, sulphur, earths and stone, plastering materials, lime and cement commodity group with USD 1.03 million (4.04%). The rest of the products combined contributed USD 1.27 million (4.95%) of the region’s total import value in May 2021. (Table 4).
The top import supplier of the region was Singapore which accounted for USD 15.20 million or more than one-half (59.29%) of the total import value of the region in May 2021. Vietnam followed with USD 4.33 million (16.88%) and People’s Republic of China with USD 1.94 million (7.58%). Ecuador and Indonesia traded USD 1.90 million (7.41%) and USD 1.21 million (4.71%) worth of imported goods in May 2021, respectively. Other countries combined accounted for USD 1.06 (4.14%) of the region’s total import value.
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:
1. Export Declaration (ED – DTI form)
2. Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)
3. Informal Import Declaration and Entry (BOC Form 177)
4. 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.
Sgd. WILMA A. PERANTE