The value of traded goods in the country dipped while the volume also decreased in the second quarter of the year, the Philippine Statistics Authority (PSA) reported.
Data from the PSA showed that the value of goods traded from April to June 2024 posted a double-digit drop of 14.9 percent to P182.62 billion from P214.72 billion in the same period a year ago.
Likewise, the volume of traded goods also fell 38.2 percent to 4.10 million metric tons from the 6.64 million metric tons recorded last year.
Majority of the commodities that flowed within the country were traded through water (coastwise), while the remaining were traded through air in the second quarter.
Machinery and transport equipment had the highest value in traded commodities with P61.23 billion or 33.5 percent share of the total in the quarter ending June, according to PSA.
Food and live animals placed second at P44.86 billion, followed by manufactured goods classified chiefly by material at 23.18 billion.
In terms of volume, food and live animals topped the list at 1.01 million metric tons or 24.7 percent share of the total, it was followed by mineral fuels, lubricants and related materials with 950,000 metric tons (23.3 percent) and machinery and transport equipment with 520,000 metric tons (12.8 percent).
Among the regions, the National Capital Region posted the highest value of traded commodities with P66.78 billion or 36.6 percent of the total domestic trade during the third quarter, while Central Luzon had the highest volume of traded goods with 1.09 million tons or 26.5 percent share of the total.
For the highest inflow value of domestic trade, Central Visayas led the regions at P38.43 billion or 21 percent share to the total, followed by Caraga with P27.36 billion and Western Visayas with P23.60 billion. Inflow is the value of commodities that enter a specified region or province from other regions or provinces.
As for regions with favorable domestic trade balances during the quarter, NCR also came first at P50.75 billion; Eastern Visayas at P13.84 billion; and Central Luzon at P10.21 billion.