Total external trade down by 25.6 percent

The SOCCSKSARGEN Region's external trade in products in February 2023 decreased by 25.6 percent at US$164.430 million from US$220.936 million in February 2022. (Table 1).

Trade balance decreased by 82.6 percent 

Balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G amounted to US$11.463 million in February 2023, decrease by 82.6 percent from US$65.761 million recorded in February 2022 (Table 1).

Merchandise Trade

Export value went down by 38.6 percent to US$87.947 million in February 2023 from US$143.349 million in February 2022. The volume of exports totaled up to 80.170 million kilograms in February 2023 from 123.073 million kilograms the previous year. The value of imports decreased by 1.4 percent to US$76.483 million in February 2023 from US$77.587 million in February 2022. Imports volume were up to 172.903 million kilograms in February 2023 from 119.866 million kilograms in February 2022.

Unblended Petroleum Oils was the top import commodity

Unblended Petroleum Oils was the top import commodity of the region at US$14.623 million accounting for 19.1 percent of the region’s overall import value. Followed by Gas Oils at US$13.407 million (17.5%), Skipjack or stripe-bellied bonito with US$10.010 million (13.1%), Other Coal with US$6.631 million (8.7%), and Yellowfin Tunas with US$3 million (4.8%). (Figure 1)

Malaysia was the largest source of import goods

The region's largest importer was Malaysia with US$16.287 million accounting for 21.3 percent of total imports of the region. Followed by China with US$14.355 million (18.8%), Papua New Guinea with US$10.098 million (13.2%), Indonesia with US$8.777 million (11.5%), and Singapore with US$7.266 million (9.5%).

Unblended Petroleum Oils was the leading imports from Malaysia; Gas Oils in China and Singapore; Skipjack or striped-bellied bonito in Papua New Guinea; and Other Coals in Indonesia. (Figure 2)

Tunas in airtight containers were the top export goods

Tunas in airtight containers, Other Crude Oils, Pineapples in airtight container, Fresh Pineapple, and Other Pineapple Juice were the top five export goods in terms of FOB Value. Tunas in airtight containers were valued at US$20.787 million (23.6%); Other Crude Oils at US$18.515 million (21.1%), Pineapples in airtight container at US$7.892million (9.9%); Fresh Pineapples at US$7.757 million (8.8%); and Other Pineapple Juice, US$5.771 million (6.6%). (Figure 3)

Netherlands was the top export commodity destination

Netherlands were the region's top export market with US$20.981 million accounting for 23.9 percent of the total export value. Following it was the United States of America with US$18.183 million (20.7%), Japan with US$11.392 million (13.0%), Germany with US$5.613 million (6.4%), and China with US$5.204 million (5.9%).

Other Crude Oil was the top exports in Netherlands, Other Pineapple Juice in United States of America, Tunas in airtight containers in Japan and Germany, and Fresh Pineapples in China. (Figure 4).