June 19, 2018
TACLOBAN CITY – The region’s total trade in goods in March 2018 amounted to $96.9 million, an increase of 21.6% over the value of $79.7 million registered in the same month last year. Total exports amounted to $77.2 million, which was 3.2% lower compared with the $79.7 million in March 2017. Total value of imports, meanwhile, was recorded at $19.8 million from zero imports posted in the same period last year.
The region reflected a surplus in the total balance of trade in goods (BoT-G) amounting to $57.4 million in March 2018. This is 28.0% lower compared with the $79.7 million surplus recorded in the same period a year ago.
The region’s total volume of exports in March 2018 was at 73.8 million kilograms.
Copper and Articles thereof was the major commodity group exported during the month with total revenue of $66.2 million, accounting for more than four-fifths or 85.8% of the region’s total exports revenue in March 2018.
Animal or Vegetable Fats and Oils and their Cleavage Products; Prepared Edible Fats; Animal or Vegetable Waxes recorded $4.0 million export revenue, which accounted for 5.2% of the total export revenue. Fertilizers earned an export revenue of $3.3 million or 4.2% share of the total exports revenue. Ores, Slag and Ash exports amounted to $2.9 million, which shared 3.7% of the total exports. Inorganic Chemicals; Organic or Inorganic Compounds of Precious Metals, of Rare-Earth, of Radio-Active Elements or of Isotopes, meanwhile, recorded less than a million exports revenue ($0.8) or 1.1% of the total export revenue.
People’s Republic of China was the top export market destination with recorded total exports revenue of $69.4 million or 89.9% of the region’s total exports. United States of America ranked second with $4.0 million export revenue or 5.2% of the total exports in March 2018, followed by Vietnam with $3.3 million export receipts, accounting for 4.2% of the region’s total exports. India recorded the least exports valued at $0.5millionor 0.7% of the total exports of the region.
The region’s total imports amounted to $19.8 million in March 2018 with total gross weight of 136.4 million kilograms.
Inorganic Chemicals; Organic or Inorganic Compounds of Precious Metals, of Rare-Earth, of Radio-Active Elements or of Isotopes commodity group and Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes commodity group were the major imports during the month, both with total revenue of $5.7 million, each accounting for 28.7% of the region’s total imports in March 2018.
The next largest imported commodity group was Salt, Sulphur, Earths and Stone; Plastering Materials, Lime and Cement, with imports value at $4.3 million, comprising 21.8% of the total imports in March 2018. It was followed by Miscellaneous Chemical Products with imports value of $2.6 million, 13.2% share to the total imports of the region.
The top import supplier of the region was Vietnam, which recorded a total imports bill of $7.8 million or almost two-fifths (39.7%) of the region’s total imports. Indonesia ranked second with $4.6 million import bill or 23.1% of the total imports for March. Singapore ranked third with total imports valued at $2.4 million contributing 12.2% of the total regional imports.