Leyte’s Trade of Goods accelerates to $1.20 billion in the Third Quarter of 2024

The total trade (imports plus exports) in Leyte for the third quarter of 2024 amounted to $1.20 billion, higher by 4.10 percent compared to $1.15 billion total trade in the same period of 2023.

The total value of imports in the province posted at $783.06 million during the quarter in review. This is 29.56 percent higher than $604.41 million value of imports during the third quarter of 2023.

On the other hand, total value of exports decreased by 24.06 percent which amounted to $415.10 million for the third quarter of 2024 from $546.59 million in 2023.

The Balance of Trade (BoT) in goods (exports minus imports) during the reference quarter was recorded at a deficit of $367.96 million during the quarter in review from a deficit of $57.82 million in the same period of 2023.

Leyte’s Value of Imports higher by 29.56 percent

The value of imports in Leyte increased by 29.56 percent, from $604.41 million during the third quarter of 2023 to $783.06 million in the same period of 2024. On a monthly basis, the value of imports in July 2024 and September 2024 was higher by 19.43 percent and 126.09 percent, respectively, compared to the same period of 2023.

Moreover, the value of imports for August significantly decreased by 42.84 percent from $238.47 million of 2023 to $136.32 million in the same month of 2024.

Total Exports in Leyte decreases to $415.10 million

Leyte’s exports decreased to $415.10 million in the third quarter of 2024, significantly lower by 24.06 percent from $546.59 million in 2023.

Moreover, the value of exports in July 2024 and August 2024 amounting to $133.38 million and $115.14 million, was lower by 16.41 percent and 50.69 percent, respectively, compared to the same months in 2023. A different scenario in September was observed in the exports performance of the province. The value of exports in September 2024 was higher by 8.51 percent amounting to $166.58 million compared to $153.52 million in the same month of 2023.

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

About $709.32 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 90.58 percent of the total imports of Leyte for the reference quarter. Port of Tacloban came next with 9.22 percent share amounting to $72.15 million.

Meanwhile, New Jubilee Agro-industrial Economic Zone/NJAI comprised 0.20 percent of Leyte’s total imports valuing at $1.58 million (Table 4).

These three (3) ports in Leyte also reported to have export transactions in the third quarter of 2024. The port of LIDE posted an aggregate receipts from merchandise exports of $412.22 million which accounted 99.31 percent of the total export of Leyte during the reference period. About 0.44 percent came from the Port of Tacloban posting an aggregate receipts of $1.86 million and 0.25 percent came from the port of New Jubilee Agro-industrial Economic Zone posting an aggregate receipts of $1.02 million (Table 5).

Copper ores and concentrates is the Top Import and Export in the Third 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 79.92 percent with a total value of $625.82 million. The second major import of the province was the commodity group of Precious metal ores and concentrates. | - Other | Concentrates of gold (excluding gold from copper ores and copper concentrates). The FOB value of this commodity group amounted to $69.48 million which shared 8.87 percent of the total imports of the province. The remaining top five commodity groups include 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 ($37.52 million); Rice. | - Semi-milled or wholly milled rice, whether or not polished or glazed : | - - Other : | - - - Other : | - - - - Out-Quota | Other, not more than 5% broken ($26.92 million); and Petroleum gases and other gaseous hydrocarbons. | - Liquefied : | - - Other | Liquefied petroleum gas (mixture of propane and butane) ($5.38 million). These three (3) commodity groups accounted 8.92 percent of the total imports of the province.

Moreover, Copper ores and concentrates: concentrates was also the major export during the reference quarter valuing at $227.40 million. This accounted for 54.78 percent of the province’s total export revenue in the third quarter of 2024. The remaining top five exports include Refined copper and copper alloys, unwrought. | - Refined copper : | - - Cathodes and sections of cathodes ($179.67 million); Mineral or chemical fertilisers containing the three fertilising elements nitrogen, phosphorus and potassium ($4.03 million); Pulps of fibres derived from recovered (waste and scrap) paper or paperboard or of other fibrous cellulosic material. | - Other : | - - Obtained by a combination of mechanical and chemical processes : | - - - Abaca pulp ($2.89 million) and Sulphuric acid; oleum. | - Other ($0.74 million). These four (4) commodity groups accounted 45.13 percent of the total exports of Leyte.

Australia is Leyte’s Top Import Trading Partner

About 40.41 percent of the imported goods of Leyte in the third quarter of 2024 came from Australia with total value of $316.40 million. Indonesia ranked second posting a value of $106.83 million, followed by Canada with a total value of $88.98 million.

The other countries which completed the top 10 import trading partners of Leyte include Mexico ($44.66 million), Brazil ($44.53 million), People’s Republic of China ($37.96 million), Romania ($35.33 million), Papua New Guinea ($34.59 million), Vietnam ($27.86 million), and Republic of Korea ($15.19 million).

Exports Receipts to People’s Republic of China valued at $286.03 million

People’s Republic of China was the top export market destination of Leyte in the third quarter of 2024 with an aggregate receipts of $286.03 million or 68.91 percent of the total exports of Leyte.

Thailand was the second export trading partner of the province with total receipts of $67.64 million. Vietnam ranked third valuing at $21.82 million, followed by Republic of Korea ($13.39 million), Indonesia ($12.08 million), Malaysia ($9.47 million), Taiwan (Rep. of China) ($1.94 million), Sweden ($0.81 million), Germany ($0.73 million), and Netherlands ($0.32 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