Philippine domestic trade declined significantly in both volume and value in the fourth quarter of 2019 year-on-year, latest data from the Philippine Statistics Authority (PSA) showed.
The total quantity of domestic trade during the fourth quarter of 2019 reached 3.95 million tons, down 45.4% from the 7.24 million tons recorded in the fourth quarter of 2018, preliminary PSA figures showed.
This was a reversal from the increase recorded in the third quarter of 2019, which followed a decline in the second quarter and an increment in the first quarter.
READ: PH domestic trade in goods rebounds in Q3
Food and live animals remained at the top in terms of quantity during the fourth quarter of 2019 with 1.21 million tons or 30.5% share of the total. It was followed by commodities and transactions not classified elsewhere with 0.63 million tons (15.9%) and mineral fuels, lubricants and related materials with 0.54 million tons (13.8%).
The value of domestic trade likewise decreased to P127.76 billion, a 27.8% decrement from the P177 billion in value recorded in the fourth quarter of 2018. This is the third quarter in 2019 that value of domestic trade decreased after posting an improvement only in the third quarter.
Machinery and transport equipment still led in terms of value of traded commodities with P54.23 billion or a 42.4% share of the total. It was followed by food and live animals and manufactured goods with P20.75 billion (16.2%) and P13.85 billion (10.8%), respectively.
Almost all or 99.8% of the commodities were traded through water while the remaining commodities were through air.
Among the regions, Bicol Region registered the highest quantity of traded commodities with 0.73 million tons or 18.5% share to total in the fourth quarter of 2019. National Capital Region (NCR) ranked second with a quantity of 0.69 million tons (17.3%) and MIMAROPA (Mindoro, Marinduque, Romblon, Palawan) Region placed third with 0.65 million tons (16.5%).
In terms of value, NCR ranked first with P42.59 billion or 33.3% share to total. Eastern Visayas ranked second with P27.40 billion (21.4%) and Northern Mindanao placed third with value of P12.27 billion (9.6%).
Caraga Administrative Region posted the highest inflow value of P28.97 billion or 22.7% share to total inflow value of domestic trade.
Inflow refers to the total value of commodities that comes in to the specified region or province.
Caraga was followed by Central Visayas and Northern Mindanao with inflow values of P27.77 billion (21.7%) and P13.25 billion (10.4%), respectively. Cagayan Valley, on the other hand, had the lowest inflow value of P3 million.
NCR, meanwhile, had the highest favorable trade balance with P32.49 billion, followed by Eastern Visayas with P15.55 billion and Bicol Region with P8.21 billion.
Caraga, on the other hand, had the highest unfavorable (negative) trade balance value of P23.06 billion.
Trade balance is the difference between the inflow value and outflow value, which is outflow minus inflow.
