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Philippines: Domestic trade weakens in Q1
MANILA, Philippines — Trading of commodities in the country remained weak in the first quarter as the effects of the pandemic lingered on frail demand and movement restrictions.
Based on the preliminary data from the Philippine Statistics Authority (PSA), the volume and value of goods traded inside the country both declined from January to March.
Aggregate value of goods traded in the first three-month period dropped by 33 percent to P95.5 billion from the P143 billion in the same period last year.
In terms of volume, the quantity of domestic trade reached 4.57 million metric tons, down 5.3 percent from the 4.83 million MT the previous year.
The pandemic continues to dampen domestic trade as mobility remains an issue especially at the latter part of the first quarter when quarantine restrictions were reimposed.
By commodity group, the PSA said manufactured goods classified chiefly by material topped in terms of trade quantity, comprising 30 percent of the total.
This was followed by commodities and transactions not elsewhere classified and food and live animals, which made up 25 percent and 15 percent, respectively.
However, machinery and transport equipment comprised the bulk of the total value, making up 38 percent or P36.26 billion.
Manufactured goods classified chiefly by material valued at P19.7 billion came in second followed by food and live animals amounting to P19.51 billion.
During the quarter, trade balance – the difference between the outflow value and the inflow value – was most favorable in Eastern Visayas, which registered a trade balance of P17.24 billion; Central Visayas, P6.4 billion; and Western Visayas, P5.83 billion.
Northern Mindanao, on the other hand, had the highest negative trade balance of P10.32 billion in the first quarter. It was followed by Metro Manila with P9.71 billion and the Bangsamoro Region with P7.96 billion.
Meanwhile, Central Visayas recorded the highest quantity of traded commodities with 2.65 million MT or 58 percent share to the total.
Eastern Visayas, on the other hand, ranked first with a total value of traded commodities of P25.7 billion or 27 percent of the aggregate.
The PSA compiles domestic trade statistics from coasting manifests and coastwise passenger manifests from major ports and other active seaports listed by the Philippine Ports of Authority all over the country.
It also collects air waybills from Philippine Airlines as a source of domestic trade statistics from air.
Source: https://www.philstar.com/business/2021/05/30/2101746/domestic-trade-weakens-q1