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The volume and value of the Philippines’ domestic trade contracted in the fourth quarter of 2022
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Total quantity dropped 23.8% while total value declined 8.3%
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Almost all or 99.9% of the commodities traded were waterborne (coastwise), while the rest were airborne
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Central Visayas was the top region in terms of quantity and value while Eastern Visayas had the most favorable balance of trade
The Philippines’ domestic trade fell year-on-year in the fourth quarter of 2022, according to preliminary data from the Philippine Statistics Authority.
The quantity of domestic trade dropped 23.8% to 4.29 million tons from 5.63 million tons in the fourth quarter in 2021. This is in contrast to the 10.3% growth in the third quarter of 2022 and 19.6% surge in the fourth quarter of 2021.
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Almost all or 99.9% of the commodities traded were waterborne (coastwise), and the rest airborne.
In terms of value, domestic trade amounted to P162.74 billion in the fourth quarter last year, down 8.3% from P177.43 billion year-on-year.
By commodity type, mineral fuels, lubricants and related materials led in terms of quantity traded domestically in the fourth quarter of 2022, with 1.32 million tons or 30.7% of the total. This was followed by food and live animals at 0.8 million tons, or 18.7% of the total, and machinery and transport equipment at 0.77 million tons, or 18.1% of the total.
Machinery and transport equipment, meanwhile, topped in terms of value at P64.44 billion, or 39.6% of the total. This was followed by food and live animals, with a total value of P34.32 billion, or 21.1% of the total, and manufactured goods, which were valued at P27.21 billion, or 16.7%.
By region, Central Luzon registered the highest volume of traded commodities with 1.39 million tons or a 32.5% share of the total, followed by Central Visayas with a volume of 1.04 million tons, or 24.3% of the total, and Western Visayas with 0.52 million tons, or 12%).
Central Visayas likewise topped in terms of value with P40.49 billion, or a 24.9% share of the total. Eastern Visayas had the next largest trade value at P31.69 billion, or 19.5% of the total, followed by Western Visayas with P31.41 billion, or 19.3%.
Caraga posted the highest inflow value of domestic trade at P34.77 billion, a 21.4% share of the total inbound domestic trade during Q4 2022. This was followed by Central Visayas with P34.10 billion, or 21%, and Western Visayas with P21.28 billion, or 13.1%.
Ilocos Region had the lowest inbound trade value of P560 million, or 0.3% of the total in Q4 2022.
The top three regions with the most favorable domestic trade balances in the fourth quarter last year were Eastern Visayas, P19.10 billion; Northern Mindanao, P13.69 billion; and Central Luzon, P11.88 billion.
The top three regions with unfavorable or negative trade balances were Caraga, with a deficit of P29.46 billion; National Capital Region, with an P18.02 billion shortfall; and CALABARZON, with a P9.24 billion gap.
