THE total quantity of domestic trade in the first quarter of 2021 was recorded at 4.57 million tons, down 27 percent in the same stretch in 2020, latest data from the Philippine Statistics Authority (PSA) showed.
Almost all or 99.9 percent of the commodities were traded through water (coastwise) while the rest were traded through air.
By commodity section, manufactured goods classified chiefly by material led in terms of quantity of domestic trade in the first quarter with 1.37 million tons or a share of 30 percent to the total. This was followed by commodities and transactions not elsewhere classified with 1.12 million tons (24.5 percent) and food and live animals with 0.70 million tons.
In the same report, the PSA revealed that Central Visayas accounted for the highest quantity of traded commodities with 2.65 million tons or 58 percent share to the total in the first quarter of 2021.
This was followed by Western Visayas with a quantity of 0.50 million tons and Caraga with 0.35 million tons.
Moreover, the total value of domestic trade in the first quarter amounted to P95.49 billion, down 33.2 percent from the P143.04 billion value of domestic trade in the same period of 2020.
Domestic trade value refers to the value of commodities that goes out from a specified region/province to another region/province.
Machinery and transport equipment topped in terms of the value of traded commodities with P36.26 billion or 38 percent share to the total. This was followed by manufactured goods classified chiefly by material valued at P19.70 billion and food and live animals which amounted to P19.51 billion.
Among the regions, Eastern Visayas ranked first with a total value of traded commodities of P25.70 billion or 26.9 percent share to the total in the first quarter of 2021. Central Visayas came second with traded commodities which amounted to P20.41 billion (21.4 percent) followed by Western Visayas with P19.82 billion (20.8 percent).
In terms of inflow value, Northern Mindanao posted the highest inflow value of domestic trade of P24.73 billion or 25.9 percent share to the total in the first quarter of 2021. This was followed by Central Visayas with inflow value of P14 billion (14.7 percent) and Western Visayas with P13.99 billion (14.7 percent).
Inflow refers to the value of commodities that come into the specified region/province from other regions/provinces.
Trade balance
The region composed of four provinces, namely Cebu, Bohol, Siquijor and Negros Oriental, was among the top three regions with favorable (positive) trade balances in the first quarter of 2021.
Central Visayas has a trade balance of P6.40 billion, second to Eastern Visayas with P17.24 billion. Western Visayas’ trade balance stood at P5.83 billion.
The trade balance is the difference between the outflow value and inflow value. (KOC)