Total external trade went up by 2.2 percent

The SOCCSKSARGEN Region's external trade in products in March 2023 increased by 2.2 percent to US$235.437 million from US$230.267 million in March 2022. (Table 1).

The trade balance increased by 67.5 percent 

Balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G amounted to US$53.576 million in March 2023, a decrease of 67.5 percent from US$31.990 million recorded in March 2022 (Table 1).

Merchandise Trade

The value of exports increased by 10.2 percent to US$144.507 million in March 2023 from US$131.128 million in March 2022. The volume of exports totaled up to 136.494 million kilograms in March 2023 from 107.632 million kilograms the previous year. Imports value decreased by 8.3 percent to US$90.930 million in March 2023 from US$99.139 million in March 2022. Imports volume was up to 233.516 million kilograms in March 2023 from 216.735 million kilograms in March 2022.

Gas Oils was the top import commodity

Gas Oils was the top import commodity of the region at US$17.175 million accounting for 18.9 percent of the region’s overall import value. Followed by Skipjack or stripe-bellied bonito at US$13.272 million (14.6%), Unblended Petroleum Oils at US$13.189 million (14.5%), Other Coal at US$8.736 million (9.6%), and Other Petroleum Oil with US$3.321 million (3.7%). (Figure 1) 

China was the largest source of imported goods

China was the region's largest importer with US$21.857 million accounting for 24.0 percent of total imports. Followed by Malaysia with US$14.949 million (16.4%), Indonesia with US$11.475 million (12.6%), Vietnam with US$7.932 million (8.7%), and Singapore with US$7.903 million (8.7%).

Gas Oils were the leading imports in China and Singapore; Unblended Petroleum Oils in Malaysia; Other Coals in Indonesia; and Other Semi-milled or wholly-milled rice in Vietnam. (Figure 2)

Other Crude Oils were the top export goods

Other Crude Oils, Tunas in airtight containers, Fresh Pineapples, Fresh Pineapple, Other Pineapple Juice, and Pineapples in airtight containers were the top five export goods in terms of FOB Value. Other Crude Oils were valued at US$58.952 million (40.8%); Tunas in airtight containers at US$21.927 million (15.2%), Fresh Pineapples at US$7.000 million (4.8%); Other Pineapple Juice, US$6.940 million (4.8%) and Pineapples in airtight container at US$6.828 million (4.7%). (Figure 3)

Italy was the top export commodity destination

The region's top export market was Italy with US$33.614 million accounting for 23.3 percent of the total export value. Following it was the Netherlands with US$30.150 million (20.9%), the United States of America with US$23.091 million (16.0%), Japan with US$17.408 million (12.0%), and China with US$5.171 million (3.6%).

Other Crude Oil was the top export in Italy and the Netherlands, Other Pineapple Juice in the United States of America, Other Fish, whole or in pieces in Japan, and Fresh Pineapples in China. (Figure 4).