THE country’s domestic trade reached 4.10 million tons in the second quarter of this year, a 38.2 percent drop from the 6.64 million tons recorded in the same quarter of 2023.
According to the Philippines Statistics Authority (PSA), almost all of the commodities were traded through water while the rest were traded through air.
Food and live animals led in terms of quantity of domestic trade in the second quarter with 1.01 million tons or a share of 24.7 percent of the total domestic trade. This was followed by mineral fuels, lubricants and related materials with 0.95 million tons (23.3 percent) and machinery and transport equipment with 0.52 million tons (12.8 percent).
Central Luzon led in terms of quantity of traded commodities with 1.09 million tons or 26.5 percent share of the total domestic trade in the second quarter of 2024. This was followed by the National Capital Region (NCR) with a quantity of 1.05 million tons (25.6 percent) and Western Visayas with 0.40 million tons (9.8 percent).
Domestic trade value refers to the outflow value of commodities transported from the region/province of origin to another region/province
of destination.
The total value of domestic trade in the second quarter of 2024 amounted to P182.62 billion, down 14.9 percent from the P214.72 billion value of domestic trade in the same period of 2023.
Machinery and transport equipment topped in terms of the value of traded commodities with P61.23 billion or 33.5 percent share of the total domestic trade value in the second quarter of 2024. This was followed by food and live animals at P44.86 billion (24.6 percent) and manufactured goods classified chiefly by material at P23.18 billion (12.7 percent).
Among the regions, NCR topped with P66.78 billion value of traded commodities or 36.6 percent of the total value of traded commodities in the second quarter of 2024. Eastern Visayas came second with traded commodities amounting to P23.59 billion (12.9 percent) and Northern Mindanao with P19.22 billion (10.5 percent) worth of traded commodities.
Meanwhile, Central Visayas led in terms of inflow value. Inflow refers to the value of commodities that enter a specified region/province from other regions/provinces.
The region posted the highest inflow value of domestic trade at P38.43 billion or 21 percent share of the total inflow of domestic trade in the second quarter of 2024.
This was followed by Caraga with an inflow value of P27.36 billion (15 percent) and Western Visayas with P23.6 billion (12.9 percent). On the other hand, Cordillera Administrative Region recorded the lowest inflow value, which amounted to P83.6 thousand during the second quarter of 2024.
The PSA report also showed that NCR registered the highest favorable trade balance.
The trade balance is the difference between the outflow value and inflow value. A positive value indicates a favorable trade balance, while a negative value indicates an unfavorable trade balance.
The top three regions with favorable domestic trade balances in the second quarter were NCR, P50.75 billion; Eastern Visayas, P13.84 billion; and Central Luzon, P10.21 billion.
On the other hand, the top three regions with unfavorable domestic trade balances were Caraga, P23.99 billion; Central Visayas, P21.91 billion; and Calabarzon, P12.33 billion. / KOC