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Manila Bulletin devider Business devider Philippine domestic trade takes hit, value down by P75 billion

Philippine domestic trade takes hit, value down by P75 billion

Published Nov 22, 2024 07:50 am

Domestic trade decreased in the third quarter, with both the quantity and value of goods traded showing double-digit declines, data from the Philippine Statistics Authority (PSA) showed on Friday, Nov. 22.

According to the PSA, the total value of domestic trade from July to September 2024 dropped 29 percent to P183.73 billion from P258.86 billion in the same period of 2023.

The total quantity of domestic trade reached 4.43 million tons in the third quarter, a 28.1 percent year-on-year decrease. This decline follows a 22 percent drop in the previous quarter and a 4.8 percent decrease in the same period last year.

The majority of goods (99.8 percent) were transported via water (coastwise), with air transport accounting for the remainder.

Mineral fuels, lubricants, and related materials dominated the traded goods, comprising 28.6 percent of the total quantity. Food and live animals followed at 17.7 percent, and machinery and transport equipment accounted for 13.2 percent.

Central Luzon led all regions in terms of traded quantity, with 1.43 million tons (32.2 percent share). The National Capital Region (NCR) and Northern Mindanao followed with 26.5 percent and 8.9 percent shares, respectively.

Meanwhile, the value of domestic trade, which represents the outflow value of goods from their origin region to their destination, totaled P183.73 billion during the quarter. This represents a substantial 29 percent decline compared to the same period in 2023.

As with quantity, water transport accounted for the vast majority (99.8 percent) of traded value.

Machinery and transport equipment led in terms of value, hitting P56.50 billion (30.8 percent share). Food and live animals followed at P32.83 billion (17.9 percent), and manufactured goods classified chiefly by material accounted for P28.33 billion (15.4 percent).

NCR recorded the highest value of traded commodities at P75.15 billion (40.9 percent share), followed by Northern Mindanao (12.4 percent) and MIMAROPA Region (12.2 percent).

Central Visayas had the highest inflow value (goods entering the region) at P41.60 billion (22.6 percent share). However, the region also recorded a trade deficit, indicating that the value of goods leaving the region was much lower than the value of goods entering.

NCR, on the other hand, had the highest favorable trade balance at P60.85 billion, followed by MIMAROPA Region and Central Luzon.

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Philippine Statistics Authority (PSA)
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