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Philippine domestic trade declined by double digits in both volume and value in the third quarter of 2023
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The quantity of domestic trade decreased 24.2% to 4.90 million tons while value sank 38.3% to P190.91 billion
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9% of commodities were traded through water (coastwise), while the rest were traded through air
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Central Luzon registered the highest quantity, Central Visayas the highest value and inflow, and NCR the highest balance of trade
Philippine domestic trade experienced a double-digit decline in both volume and value in the third quarter of 2023, according to preliminary data from the Philippine Statistics Authority.
In terms of volume, domestic trade reached 4.90 million tons, a 24.2% decrease from the 6.47 million tons recorded year-on-year. The downturn contrasts sharply with the 15.8% increase quarter-on-quarter.
The value of domestic trade also saw a significant drop, decreasing 38.3% to P190.81 billion from P309.46 billion.
Almost all, or 99.9%, of commodities were traded through water (coastwise), while the remaining fraction was traded through air in the third quarter of 2023.
In terms of quantity, mineral fuels, lubricants, and related materials led the way, accounting for 1.31 million tons or 26.7% of the total. Machinery and transport equipment followed with 0.80 million tons (16.3%), and commodities and transactions not classified elsewhere with 0.73 million tons (15%).
In value, machinery and transport equipment took the top spot with P80.06 billion, constituting 42% of the total in the third quarter of 2023. This was followed by manufactured goods classified chiefly by material at P29.98 billion (15.7%), and food and live animals at P23.87 billion (12.5%).
By region, Central Luzon registered the highest quantity of traded commodities with 1.44 million tons or a share of 29.4% to the. This was followed by the Bicol Region with 0.71 million tons (14.5%), and Central Visayas with 0.66 million tons (13.5%).
Central Visayas likewise topped in terms of value with P50.80 billion or a share of 26.6% to the total. The National Capital Region (NCR) came next with P43.66 billion (22.9%), followed by Eastern Visayas with P23.03 billion (12.1%).
Central Visayas also posted the highest value for the inflow of trade from other regions and provinces at P46.44 billion or 24.3% share in the third quarter. Caraga followed with P30.77 billion (16.1%), and Zamboanga Peninsula with P22.70 billion (11.9%).
Cordillera Administrative Region, on the other hand, recorded the lowest inflow value, which amounted to P3,000 during the third quarter.
In terms of trade balance, the NCR recorded the most favorable position with P30.60 billion, followed by Central Luzon with P12.92 billion, and the Bicol Region with P8.33 billion.
The top three regions with unfavorable domestic trade balances were Caraga, Zamboanga Peninsula, and CALABARZON.
