Leyte’s Trade of Goods drops to $1.08 billion in the First Quarter of 2024

The total trade (imports plus exports) in Leyte for the first quarter of 2024 amounted to $1.08 billion, lower by 24.77 percent compared to $1.43 billion total trade in the same period of 2023.

The total value of imports in the province posted at $633.38 million during the quarter in review. This is 24.48 percent lower than $838.68 million value of imports during the first quarter of 2023.

Moreover, total value of exports also decreased by 25.18 percent which amounted to $442.82 million for the first quarter of 2024 from $591.82 million in 2023.

The Balance of Trade (BoT) in goods (exports minus imports) during the reference quarter posted a decrease of 22.81 percent resulting a deficit of $190.56 million during the quarter in review from $246.86 million in the same period of 2023.

Leyte’s Value of Imports lower by 24.48 percent

The value of imports in Leyte decreased by 24.48 percent, from $838.68 million during the first quarter of 2023 to $633.38 million in the same period of 2024.

On a monthly basis, the value of imports in January 2024 and March 2024 was lower by 31.09 percent and 73.93 percent, respectively, compared to the same period of 2023. Moreover, the value of imports for February significantly increased by 166.92 percent from $116.75 million of 2023 to $311.63 million in the same month of 2024.

Total Exports in Leyte decreases to $442.82 million

Leyte’s exports decreased to $442.82 million in the first quarter of 2024, significantly lower by 25.18 percent from $591.82 million in 2023.

Moreover, the value of exports in January 2024 amounting to $141.92 million was lower by 20.27 percent compared to the same month in 2023. A same scenario in February and March was observed in the exports performance of the province. The value of exports in February 2024 were significantly lower by 19.14 percent amounting to $145.37 million compared to $179.79 million in February 2023 and the value of export in March 2024 amounting to $155.52 million was lower by 33.55 percent compared to the same month in 2023.

Majority of Leyte’s Imports and Exports passes through the Port of Leyte Industrial Development Estate (LIDE)

About $546.81 million value of imports in Leyte came from the port of Leyte Industrial Development Estate (LIDE), a Special Export Processing Zone in Isabel, Leyte which include PASAR and PHILPHOS comprising 86.33 percent of the total imports of Leyte for the reference quarter. Port of Tacloban came next with 13.44 percent share amounting to $85.14 million.

Meanwhile, New Jubilee Agro-industrial Economic Zone/NJAI comprised 0.23 percent of Leyte’s total imports valuing at $1.43 million (Table 4).

These three (3) ports in Leyte also reported to have export transactions in the first quarter of 2024.

The port of LIDE posted an aggregate receipts from merchandise exports of $437.18 million which accounted 98.73 percent of the total export of Leyte during the reference period. About 0.75 percent came from the Port of Tacloban posting an aggregate receipts of $3.33 million and 0.52 percent came from the port of New Jubilee Agro-industrial Economic Zone posting an aggregate receipts of $2.31 million (Table 5).

Copper ores and concentrates is the Top Import while Refined Copper is the Top Export in the First Quarter of 2024

As seen in Table 6, the commodity group of Copper ores and concentrates: concentrates was the major import during the reference quarter comprising 73.80 percent with a total value of $467.32 million. The second major import of the province was the commodity group of Containing mainly copper. The FOB value of this commodity group amounted to $41.17 million which shared 6.50 percent of the total imports of the province. The remaining top five commodity groups include Semi-milled or wholly milled rice, whether or not polished or glazed : | - - Other : | - - - Other : | Other, not more than 5% broken ($35.59 million); Petroleum oils and oils obtained from bituminous minerals (other than crude) and preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, other than those containing biodiesel and other than waste oils : | - - Other : | - - - Diesel fuel; fuel oils : | - - - - Fuel oils | Gas oils ($30.79 million); and Ground : | - - Other ($13.53 million). These three (3) commodity groups accounted 12.62 percent of the total imports of the province.

On the other hand, Refined copper : | - - Cathodes and sections of cathodes was the major export during the reference quarter valuing at $429.53 million. This accounted for 97.00 percent of the province’s total export revenue in the first quarter of 2024. The remaining top five exports include Other : | - - Obtained by a combination of mechanical and chemical processes : | - - - Abaca pulp ($6.33 million); Mineral or chemical fertilisers containing the three fertilising elements nitrogen, phosphorus and potassium ($3.53 million); | Other ($2.10 million) and Iron ores and concentrates, other than roasted iron pyrites : | - - Non-agglomerated : | - - - Other ($1.33 million). These four (4) commodity groups accounted 3.00 percent of the total exports of Leyte.

Australia is Leyte’s Top Import Trading Partner

About 26.33 percent of the imported goods of Leyte in the first quarter of 2024 came from Australia with total value of $166.16 million. Chile ranked second posting a value of $148.40 million, followed by Peru with a total value of $79.68 million.

The other countries which completed the top 10 import trading partners of Leyte include Brazil ($41.60 million), Mexico ($41.17 million), Vietnam ($39.02 million), Indonesia ($33.58 million), Malaysia ($26.86 million), People’s Republic of China ($16.19 million), and Oman ($11.88 million).

Exports Receipts to Thailand valued at $126.31 million

Thailand was the top export market destination of Leyte in the first quarter of 2024 with an aggregate receipts of $126.31 million or 28.52 percent of the total exports of Leyte.

People’s Republic of China was the second export trading partner of the province with total receipts of $114.63 million. Vietnam ranked third valuing at $65.96 million, followed by Republic of Korea ($59.20 million), Indonesia ($34.09 million), Taiwan (Rep. of China) ($31.05 million), Malaysia ($7.03 million), India ($1.65 million), Germany ($0.82 million), and Netherlands ($0.81 million).

EXPLANATORY NOTES

Foreign trade relates to the commerce between the Philippines and other countries by sea or air, whether for private or government use or for commercial purposes, as gifts, or samples. Foreign trade statistics are used for economic planning and for formulation of trade policies and measures. These statistics are also useful for computation of balance of payments, national accounts, and net terms of trade; trade promotions; monitoring of importation of taxable and duty-exempt items including imports under the Import Liberalization Program; and for inputs in bilateral and multilateral trade negotiations.

Foreign trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of legally required documents submitted by importers and exporters to the Bureau of Customs. Exports and imports cleared through Philippine Exports Zone Authority (PEZA) forms are also included in the compiled data. PSA collects copies of the following accomplished forms:

   1. Export Declaration (ED—DTI form)
   2. Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
   3. Informal Import Declaration and Entry (BOC Form 177)
   4. Single Administrative Documents (SAD)

The Philippines adopts the “general” trade system of recording foreign trade statistics and the customs frontier (not the national boundary) is used as the statistical frontier. Under this system, all goods entering any seaport or airport of the Philippines that are properly cleared by Customs or remaining under customs control are considered imports. These goods are imports regardless if they are for direct consumption, for merchandising, for warehousing, or for further processing. On the other hand, all goods leaving the country that are properly cleared through Customs are considered exports. A distinction, however, is made between exports of goods grown, mined, or manufactured in the Philippines (domestic exports) and exports of imported goods that do not undergo physical and/or chemical transformation in the Philippines (re-exports).

Since 1982, goods are considered imported on the date the carrying vessel or aircraft arrives at the port of unloading. In reverse, goods are considered exported on the date the carrying vessel or aircraft departs from the loading port.

SGD. SHERYL ANN A. JAMISOLA

Chief Statistical Specialist