The region’s total external trade in goods registered a fourfold increase in November 2017 valued at $306.4 million over its value of $58.5 million in the same month last year. Total exports amounted to $123.3 million, which was 110.6 percent higher compared to the $58.5 million in November 2016. Total value of imports, meanwhile, was recorded at $183.1 million from zero imports posted in the same period last year.
The region reflected a deficit in the total balance of trade in goods (BoT-G) amounting to $59.8 million in November 2017. The region registered $58.5 million surplus in the same period a year ago.
The region’s total exports amounted to $123.3 million in November 2017 with a total gross weight of 99.7 million kilograms.
Copper and Articles thereof was the major commodity group exported during the month with total receipts of $93.8 million, accounting for more than three quarters or 76.1 percent of the region’s total exports revenue in November 2017.
Animal or Vegetable Fats and Oils and their Cleavage Products; Prepared Edible Fats; Animal or Vegetable Waxes accounted for 20.5 percent or an export receipts of $25.3 million. Fertilizers earned an export revenue of $2.2 million or a share of 1.8 percent of the total exports receipts. Inorganic Chemicals; Organic or Inorganic Compounds of Precious Metals, of Rare-Earth, of Radio-Active Elements or of Isotopes, meanwhile, shared 1.6 percent with total export value of $1.9 million.
Thailand was the top export market destination with a recorded total exports revenue of $57.0 million or 46.2 percent share of the region’s total exports. People’s Republic of China ranked second with $37.3 million export receipts or 30.3 percent of the total exports for November 2017. The Netherlands and Vietnam had exports valued at $25.3 million and $2.3 million contributing 20.5 percent and 1.9 percent, respectively.
The region’s total imports amounted to $183.1 million in November 2017 with a total gross weight of 165.6 million kilograms.
Ores, Slag and Ash was the major commodity group imported during the month with total receipts of $172.0 million, accounting for 94.0 percent of the region’s total imports revenue in November 2017.
The next largest imported commodity group was Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes, accounting for 2.2 percent or an import receipts of $4.1 million. It was followed by Inorganic Chemicals; Organic or Inorganic Compounds of Precious Metals, of Rare-Earth, of Radio-Active Elements or of Isotopes with 1.9 percent share or an import revenue of $3.5 million.
The top import supplier of the region was Indonesia which recorded a total imports revenue of $73.5 million or 40.1 percent share of the region’s total imports. Australia ranked second with $33.5 million import receipts or 18.3 percent of the total imports for November 2017. Peru ranked third with total imports valued at $25.2 million contributing 13.8 percent.
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.
The digitized copies of all documents are provided by BOC and PEZA to PSA on a monthly basis through email.
The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed 10-digit code level for statistical purposes.