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Philippines: Domestic trade value drops to P105.9 billion in Q4 2021
MANILA, Philippines — The value of the Philippines’ domestic trade continued to decline in the fourth quarter of 2021 to P105.9 billion, driven by double digit declines in the majority of traded commodity groups, preliminary data from the Philippine Statistics Authority (PSA) showed.
The fourth quarter figure is 36.4 percent lower than the P166.5 billion domestic trade value last year. It is also lower than the P183.78 billion recorded in the previous quarter.
PSA data showed that the total quantity of domestic trade in the fourth quarter of 2021 fell 29.5 percent to 3.32 million tons.
This is lower than the 4.71 million tons and 4.56 million tons of domestic trade in the year before and the previous quarter, respectively.
“By commodity section, food and live animals led in terms of quantity of domestic trade in the fourth quarter of 2021 with 1.13 million tons or a share of 34 percent to the total,” the PSA said.
This was followed by manufactured goods classified chiefly by material with 0.71 million tons (21.3 percent) and commodities and transactions not elsewhere classified with 0.52 million tons (15.6 percent).
PSA data showed that the majority of the commodity sections registered double-digit declines in total quantity of domestic trade, with animal and vegetable oils, fats and waxes posting the largest decline at 85.6 percent to 6,627 tons.
Minerals fuels, lubricants and related materials followed with an 82 percent decline to 22,614 tons.
Other commodity groups with double-digit declines include beverages and tobacco and chemical related materials, among others.
During the quarter, trade balance – the difference between the outflow value and the inflow value – was most favorable in Eastern Visayas, which registered a balance of P12.78 billion, Northern Mindanao, P9.62 billion and Central Visayas, P8.13 billion.
Caraga, on the other hand, had the highest negative trade balance of P24.29 billion in the fourth quarter. It was followed by Zamboanga Peninsula, with P6.29 billion and Mimaropa, with P1.71 billion.
Source: https://www.philstar.com/business/2022/03/16/2167485/domestic-trade-value-drops-p1059-billion-q4-2021