Philippines: Domestic trade plunges in Q2

DOMESTIC trade contracted in the second quarter even as the economy was further reopened, preliminary data released by the Philippine Statistics Authority (PSA) on Monday showed.

The value of goods traded within the country fell by 17.9 percent to P190.09 billion from P231.51 a year earlier. Volume-wise, the plunge was a steeper 23.9 percent to 3.87 million tons from 5.08 million tons.

Food and live animals were the most traded items in the April-June period, accounting for 0.91 million tons, or a share of 23.6 percent of total domestic trade. Following were manufactured goods classified chiefly by material (0.82 million tons, or 21.1 percent), and machinery and transport equipment (0.80 million tons, or 20.8 percent).

In value terms, machinery and transport equipment topped domestic trading at P70.16 billion, or 36.9 percent of the total. It was followed by food and live animals (P38.75 billion, or 20.4 percent), and manufactured goods classified chiefly by material (P30.25 billion, or 15.9 percent).

The Central Visayas region accounted for the biggest share of domestic trade, both in terms of volume (1.19 million tons, or 30.7 percent of the total) and value (47.46 billion, or 25 percent). It also received the highest inflows of goods (P46.52 billion, or 24.5 percent of the total).

In second place both volume- and value-wise was the Western Visayas region (0.57 million tons, or 14.8 percent and P35.14 billion, or 18.5 percent). The National Capital Region ranked third as to volume (0.45 million tons, or 11.7 percent) while the same spot on the value list was occupied by Eastern Visayas (P31.95 billion, or 16.8 percent of the total).

The Eastern Visayas recorded the largest trade surplus of P18.781 billion for the period while the Caraga region had the largest deficit at P33.94 billion.

Domestic trade as counted by the PSA comprises goods that flow through the country’s airports and seaports as indicated in manifests and waybills.

Excluded from the count are goods transported by Philippine Navy vessels, fish and other marine products unloaded in fishing ports, fish and other marine products landed directly from the sea, and logistic goods intended for the vessel and the crew.

The data on commodity inflows and outflows are used to construct inter-regional and inter-industry relational tables, which are used in the formulation and implementation of regional development programs such countryside development and port planning, the PSA said.

Source: https://www.manilatimes.net/2022/10/25/business/top-business/domestic-trade-plunges-in-q2/1863537