Philippine domestic trade slipped 9.5% in the first quarter of 2017, the first decline after recovering for a full year in 2016.
Volume of domestic trade in the first three months of the year registered at 4.85 million tons, down from 5.36 million tons in the same period last year, latest data from the Philippine Statistics Authority (PSA) showed.
Similarly, the value of domestic trade decreased, falling to P164.773 billion, or 6.1% lower than the P175.451 billion posted in the first quarter of 2016. The decline in the first quarter of 2017 was a first after continuous increases in 2016 following the decline in 2015.
Food and live animals were the most traded at 1.38 million tons, or 28.4% of the total. Animal and vegetable oils, fats and waxes were the least traded at only 0.02 million tons.
Machinery and transport equipment were the top traded in value terms at P56.971 billion. However, this is 8.1% lower than the P62.025 billion reported in the same quarter of 2016.
Food and live animals placed second with a value of P40.007 billion (24.2% of the total), while manufactured goods classified chiefly by material placed third, with value amounting to P18.302 billion (11.1%).
Water transport accounted for about 99.84% of total commodities moved locally in the first quarter, with the remaining 0.16% transported through air.
In terms of region, Western Visayas had the highest share of domestic trade value in the first quarter of this year with P33.472 billion. Central Visayas followed with P32.476 billion and then the National Capital Region (NCR) with P30.973 billion. Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon) had the least traded in value terms at P229.21 million.
PSA also noted that outflow and inflow of domestic trade decreased for the period reviewed.
Total outflow reached P164.773 billion, a drop of 6.1% from P175.451 billion recorded in the same quarter of 2016. Western Visayas registered the highest outflow value of P33.472 billion, or 20.3% from the total. It was followed by Central Visayas and NCR with P32.476 billion (19.7%) and P30.973 billion (18.8%), respectively.
Central Visayas had the highest inflow value amounting to P29.008 billion, translating to a 17.6% share of the total. Cagayan Valley region had the lowest inflow value at P19.87 million.
Central Luzon posted the highest positive trade balance of P11.868 billion, followed by NCR with P9.858 billion, Eastern Visayas P9.777 billion, Western Visayas P7.929 billion, Central Visayas P3.468 million, and SOCCSKSARGEN P852.42 million.
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
