Domestic trade value down 6% in Q3

MANILA, Philippines — The value of commodities traded within the country slipped by six percent to P181.46 billion in the third quarter of the year from P193.12 billion in the same period last year, according to the Philippine Statistics Authority (PSA).

Preliminary data from the PSA also showed that the value of goods traded locally from July to September was down by 28.7 percent compared to the P254.37 billion in the second quarter.

In terms of volume, PSA data showed domestic trade fell by 25.5 percent to 4.12 million tons in the third quarter this year from 5.23 million tons in the same quarter in 2021.

The volume of goods traded within the country in the third quarter was also 15.2 percent lower than the 4.86 tons in the previous quarter or the second quarter of this year.

“Almost all (99.9 percent) of the commodities were traded through water (coastwise), while the rest were traded through air,” PSA said.

Among the goods traded within the country, machinery and transport equipment registered the highest value in the third quarter with P50.83 billion, accounting for 28 percent of the total.

Manufactured goods classified chiefly by material placed second, accounting for P42.39 billion or a 23.4 percent share, followed by food and live animals valued at P35.74 billion or a 19.7 percent share.

By region, Central Visayas recorded the highest value of traded commodities with P45.91 billion or 25.3 percent of the total in the third quarter.

Northern Mindanao came in next with traded goods valued at P40.49 billion (22.3 percent), while Western Visayas placed third with P36.95 billion (20.4 percent).

The PSA said the top three regions in terms of favorable or positive domestic trade balances in the third quarter are: Northern Mindanao with P30.29 billion; Mimaropa with P12.48 billion; and

Central Luzon with P7.94 billion.

Meanwhile, regions with the biggest domestic trade deficit in the third quarter are Caraga with P23.69 billion; Calabarzon with P17.44 billion; and the National Capital Region with P15.32 billion.

PSA’s domestic trade statistics serve as basis for the formulation and implementation of development programs like countryside development and port planning.