Total trade in goods in Eastern Visayas in October 2020 was recorded at USD 126.59 million. This reflected a 20.18 percent increase from USD 105.33 million total trade in October 2019.
Total value of exports in October 2020 amounted to USD 112.00 million. This figure was 34.98 percent higher than the USD 82.98 million exports in October 2019. The total value of imports declined by 34.74 percent, from USD 22.35 million in October 2019 to USD 14.59 million in October 2020.
The increase in export revenues offset the drop in import revenues. This resulted to a 60.68 percent growth in surplus in the total Balance of Trade in Goods (BoT) in October 2020. The USD 60.63 million trade surplus in October 2019 rose to USD 97.41 million trade surplus in October 2020 (Table 1).
The region’s total volume of exports in October 2020 posted at 52.31 million kilograms was worth USD 112.00 million.
Major commodity group exported during the month in review was copper and articles thereof which amounted to USD 106.52 million or 95.11 percent of the region’s total export revenue. Fertilizers ranked second with USD 2.69 million export revenue which accounted for 2.40 percent of the region’s total export revenue in October 2020. The third major export commodity group of the region was the ores, slag and ash worth USD 1.52 million or 1.36 percent of the total exports during the reference month. This was followed by the commodity group of pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) of paper or paperboard which contributed USD 1.25 million or 1.11 percent to the total export revenue. Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group, meanwhile, recorded USD 0.02 million export revenue which accounted for only 0.02 percent share of the total export revenue during the month in review (Table 2).
Republic of Korea was the region’s top export market destination with USD 44.85 million total export revenue. This comprised 40.04 percent of the region’s total exports in October 2020. The People’s Republic of China ranked second with USD 23.48 million export revenue or 20.97 percent of the total exports of the region in October 2020. Thailand followed with USD 22.06 million export revenue or 19.69 percent of the region’s total exports during the month in review (Table 3).
The region’s total imports amounted to USD 14.59 million in October 2020 with total gross weight of 103.49 million kilograms.
Top imported commodity group was salt, sulphur, earths and stone; plastering materials, lime and cement worth USD 7.15 million. This comprised the bulk or 48.99 percent of the region’s total import receipts in October 2020. Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes commodity group came next with import receipts amounting to USD 3.17 million or 21.73 percent of the total imports. This was followed by other vegetable textile fibers; paper yarn and woven fabrics of paper yarn commodity group valued at USD 1.58 million or 10.85 percent of the import receipts during the month in review.
In October 2020, the region’s top three sources of imported goods were Morocco, Republic of Nauru and Singapore. Morocco’s trading transaction worth USD 3.45 million accounted for 23. 67 percent of the total import bill. Republic of Nauru followed with USD 3.18 million import bill or 21.83 percent of the total imports. Singapore’s import worth USD 1.62 million was 11.13 percent of the total value of imported goods during the month in review.
The region also imported products from the People’s Republic of China (10.42%), while the rest were goods from other countries in Asia (14.52%), South America (8.86%), Europe (6.27%), Africa (2.15%), North America (1.00%) and Australia (0.15%).
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.