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Domestic trade volume fell 35.6% but increased in value by 3.4% in the first quarter of 2022
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9% of the commodities traded in the first quarter were water-borne (coastal), while the rest were traded by air
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Regionally, Eastern Visayas ranked first in total trade value and favorable trade balance, while Caraga posted the highest inflow value
The Philippines’ domestic trade declined in quantity but increased in value in the first quarter of 2022, according to preliminary data from the Philippine Statistics Authority.
The total quantity of domestic trade in the first quarter was 3.38 million tons, 35.6% down from the 5.25 million tons recorded in the same quarter of 2021.
Domestic trade value, on the other hand, grew 3.4% to P135.81 billion from P131.39 billion in the first quarter of 2021.
Almost all, or 99.9%, of the commodities traded in the first quarter were water-borne (coastal), while the rest were traded by air.
Food and live animals formed the bulk of the domestic trade quantity at 0.72 million tons or 21.3% of the total. Mineral fuels, lubricants and related materials were the second-largest at 0.69 million tons, or 20.4%, and commodities and transactions not elsewhere classified in the Philippine Standard Commodity Classification accounted for 0.5 million tons, or 14.8%.
Machinery and transport equipment, meanwhile, topped in terms of value at P48.62 billion, or 35.8% of the total. This was followed by food and live animals at P30.36 billion, or 22.4%, and manufactured goods classified chiefly by material at P19.55 billion, or 14.4%.
Among the regions, Eastern Visayas ranked first with a total value of traded commodities at P30.21 billion, or 22.2% of the total.
Western Visayas came next with P28.39 billion, or 20.9%, followed by Central Visayas with P24.04 billion, or 17.7%.
Caraga posted the highest inflow value of P31.47 billion, or 23.2% of the total. Central Visayas followed with P23.58 billion, or 17.4%, and Western Visayas with P18.70 billion, or 13.8%.
Cagayan Valley, on the other hand, had the lowest inflow value at P7 million.
The top three regions with favorable domestic trade balances in the first quarter were Eastern Visayas, P19.12 billion; Western Visayas, P9.70 billion; and Central Luzon, P6.05 billion.
The top three regions with unfavorable domestic trade balances were Caraga with a deficit of P27 billion; CALABARZON, a shortfall of P5.67 billion; and Zamboanga Peninsula, a P4.54 billion deficit.
In 2021, the Philippines domestic trade grew in double digits in both volume and value, recovering from the contraction in 2020 due to effects of the COVID-19 pandemic.
