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The Philippines’ domestic trade posts double-digit growth in the first quarter of 2023
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Volume of trade grew 56.7% while value of trade increased 46.7%
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By mode of transport, 99.96% of the commodities that flowed within the country were traded through water
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Food and live animals led in terms of quantity while machinery and transport equipment topped in terms of value
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Central Luzon had the highest volume of trade and Western Visayas the highest value
The Philippines’ domestic trade posted double-digit growth in the first quarter of 2023, according to preliminary data from the Philippine Statistics Authority.
The total quantity of domestic trade in the first quarter of 2023 was at 5.34 million tons, an increase of 56.7% from the 3.41 million tons recorded in the same quarter of 2022.
The total value of domestic trade in the first quarter of the year likewise grew, by 46.7% to P199.72 billion from the P136.18 billion.
By mode of transport, almost all or 99.96% of the commodities that flowed within the country in the first quarter were still traded through water (coastwise), while the remaining were traded through air.
By commodity section, food and live animals led in terms of quantity with 1.31 million tons or a share of 24.6% to the total domestic trade. This was followed by mineral fuels, lubricants and related materials with 1.25 million tons (23.3%) and machinery and transport equipment with 1.04 million tons (19.6%).
Machinery and transport equipment, on the other hand, topped in terms of value with P68.24 billion or 34.2% share to the total. This was followed by food and live animals valued at P51.10 billion (25.6%) and manufactured goods, which amounted to P28.77 billion (14.4%).
By region, Central Luzon registered the highest quantity of traded commodities with 1.29 million tons or 24.1% share to the total. This was followed by Central Visayas with 1 million tons (18.7%) and Western Visayas with 0.66 million tons (12.4%).
In terms of value, Western Visayas topped with P44.70 billion or 22.4% of the total. Central Visayas came next with P42.90 billion (21.5%), followed by Eastern Visayas with P26.01 billion (13%).
Central Visayas, meanwhile, posted the highest inflow value at P44.33 billion or 22.2% share to the total inflow of domestic trade in the first quarter of 2023. This was followed by Western Visayas with P34.34 billion (17.2%) and Caraga with P33.35 billion (16.7%).
Ilocos Region, on the other hand, recorded the lowest inflow value, which amounted to P0.44 billion or only 0.2% of the total.
The top three regions with favorable domestic trade balances in the first quarter of 2023 were Central Luzon, P11.25 billion; Eastern Visayas, P10.65 billion; and Western Visayas, P10.35 billion.
The three regions with the most unfavorable domestic trade balances, on the other hand, were Caraga, P-26.48 billion; CALABARZON, P-12.90 billion; and Zamboanga Peninsula, P-7.04 billion.
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