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Domestic trade plunged 61.6% in quantity and 60.1% in value in the third quarter, improving on the historic declines of 77.8% and 69.1%, respectively, in the second quarter of the year
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Beverages and tobacco topped the list of commodities in terms of quantity while machinery and transport equipment ranked first in value
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Northern Mindanao still recorded the highest volume and value of traded commodities, and led as well in inflow value and balance of trade
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99.95% of the commodities were traded through water with the rest through air
Philippine domestic trade recorded double-digit declines in both volume and value in the third quarter of 2020, according to the Philippine Statistics Authority.
Total quantity of domestic trade during the third quarter of 2020 was recorded at 2.29 million tons, a decrease of 61.6% from the 5.98 million tons posted in the same quarter of 2019.
In terms of value, domestic trade amounted to P91.19 billion in the third quarter of the year, a contraction of 60.1% from the P228.34 billion recorded in the same period last year.
The third quarter figures were, however, an improvement from the historic decline of 77.8% in volume and 69.1% in value in the second quarter of the year. The record falls in Q2 were a result of the strict quarantine measures that were imposed due to the coronavirus pandemic and had severely curtailed business and consumption activities during the period.
READ: PH domestic trade plunges to record low in Q2
By commodity section, beverages and tobacco topped the list in quantity of domestic trade in the third quarter of 2020, with 0.56 million tons or a share of 24.2% to the total. It was followed by commodities and transactions not elsewhere classified in the Philippine Standard Commodity Classification (22.9%); and machinery and transport equipment (14.3%).
By region, Northern Mindanao still recorded the highest quantity of traded commodities of 1.14 million tons or 49.7% share to total, followed by Bicol Region with 0.55 million tons (23.9%) and Eastern Visayas with 0.26 million tons (11.3%).
Machinery and transport equipment had the highest value with P32.94 billion or 36.1% share to the total. It was followed by manufactured goods and food and live animals with corresponding values of P28.73 billion (31.5%) and P12.33 billion (13.5%), respectively.
By region, Northern Mindanao still ranked first with a total value of P44.64 billion or 48.9% of the total, followed by Eastern Visayas and Bicol Region with P24.68 billion (27.1%) and P8.68 billion (9.5%), respectively.
Northern Mindanao also posted the highest inflow value of P30.37 billion or 33.3% share to the total inflow value in the third quarter of 2020.
It was followed by Central Visayas and Eastern Visayas with inflow values of P18.38 billion (20.1%) and P11.84 billion (13.0%), respectively. On the other hand, Caraga had the lowest inflow value at P6.16 million.
Northern Mindanao likewise had the most favorable trade balance value in the third quarter of the year, followed again by Eastern Visayas and Bicol Region.
Central Visayas, on the other hand, had the highest unfavorable trade balance value.
Almost all or 99.95% of the commodities were traded through water (coastwise) in the third quarter of 2020, while the remaining were shipped through air transport. – Roumina Pablo
