The value of traded goods in the country during the third quarter shrank as the volume also decreased in the third quarter of the year, the Philippine Statistics Authority (PSA) reported.

Data from the PSA showed the value of goods traded from July to September posted a double-digit drop of 38.3 percent to P190.812 billion from P309.459 billion in the same period a year ago.

The third quarter decline was a reversal of the 17 percent growth in the same period in 2022, and the 15.8 percent expansion in the previous quarter.

Likewise, the volume of traded goods also fell 24.2 percent to 4.90 million tons from the 6.47 million tons recorded last year.

Commodity flow includes all goods transported by water and air. Nearly all (99.9 percent) of the commodities were transported through water.

Machinery and transport equipment had the highest value in traded commodities with P80.6 billion or 42 percent share of the total in the third quarter, according to PSA.

Manufactured goods classified by material placed second at P32.60 billion, followed by food and live animals at P24.97 billion.

In terms of volume, mineral fuels, lubricants, and related materials topped the list at 1.31 million tons or 26.7 percent share of the total, it was followed by machinery and transport equipment with 0.80 million tons (16.3 percent) and commodities and transactions not classified elsewhere with 0.73 million tons (15.0 percent).

Among the regions, Central Visayas saw the highest value of traded commodities with P50.80 billion or 26.6 percent of the total domestic trade during the third quarter, while Central Luzon had the highest volume of traded goods with 1.44 million tons or 29.4 percent share of the total.

As for regions with favorable domestic trade balances during the quarter, National Capital Region came first at P30.60 billion; Central Luzon at P12.92 billion; and Bicol Region at P8.33 billion.