Domestic trade declines 17.9% by value in second quarter

October 23, 2022

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Cargo and other vehicles are pictured on a roll-on, roll-off ferry as it leaves Dalahican port in Lucena City, March 10, 2016. — REUTERS/ ERIK DE CASTRO

TRADE in domestic goods declined 17.9% year on year to P190.089 billion in the second quarter, the Philippine Statistics Authority (PSA) said on Friday.

According to the PSA’s preliminary Commodity Flow in the Philippines report, the volume of trade in the second quarter fell 23.9% to 3.866 billion tons from a quarter earlier. A year earlier, trade was 5.081 billion tons.

Commodity flow covers all goods transported by water, air, and rail, with shipping accounting for the bulk of the commodities.

Six out of 10 commodity categories monitored by the PSA reported a decline in trade by value. Crude materials, inedible, except fuels, fell 12.2%. Also posting declines were commodities and transactions not classified (20.8%), food and live animals (26.1%), chemicals and related products, N.E.S. (28.2%), manufactured goods, classified chiefly by material (55.1%) and miscellaneous manufactured articles (61.9%).

Mineral fuels, lubricants and related materials posted growth of 171.3%. This was followed by animal and vegetable oils, fat and waxes, up 87.6%. Beverages and tobacco rose 55.4% and machinery and transport equipment rose 30.5%.

The Central Visayas was the top source and destination of commodities in the second quarter, with outflows amounting to P47.458 billion and inflows P46.523 billion, for a surplus of P934.646 million.

The Eastern Visayas registered the largest trade surplus with P18.781 billion, on outflows of P31.950 billion in the second quarter. The National Capital Region posted a surplus of P15.163 billion on outflows of P29.973 billion. Northern Mindanao’s trade balance was P10.805 billion on outflows of P25.972 billion. — Mariedel Irish U. Catilogo