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Philippine domestic trade grew in volume but declined in value in the second quarter of 2023
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The quantity of domestic trade increased by 1% while the value dropped by 36.2%
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Machinery and transport equipment was the commodity sector with the highest share in both volume and value
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Central Visayas led in terms of volume, value, inflow, and trade balance amongst all regions
Philippine domestic trade grew in volume but declined in value in the second quarter of 2023, preliminary data from the Philippine Statistics Authority showed.
For the April to June period this year, the total quantity of domestic trade increased for the second consecutive quarter by 1% to 5.79 million tons from 5.73 million tons year-on-year.
The total value of domestic trade for the second quarter, on the other hand, dropped 36.2% to P171.54 billion from P268.70 billion in the second quarter of 2022. The decline is in contrast to the 46.7% increment in the first quarter of the year.
By mode of transport, almost all or 99.9% of the commodities were traded through water (coastwise) and the rest were through air.
In terms of commodities, machinery and transport equipment led in terms of quantity in the second quarter of 2023 with 1.79 million tons or a share of 30.9% to the total. This was followed by mineral fuels, lubricants and related materials with 1.16 million tons (20.1%) and food and live animals with 0.64 million tons (11%).
Machinery and transport equipment also had the highest share in terms of value with P61.51 billion or a share of 35.9% to the total. This was followed by manufactured goods at P32.60 billion (19%) and food and live animals at P24.97 billion (14.6%).
By region, Central Visayas registered the highest quantity of traded commodities with 1.51 million tons or 26% share to the total in the second quarter of 2023. This was followed by Central Luzon with a quantity of 1.29 million tons (22.3%) and Caraga with 1.18 million tons (20.3%).
Central Visayas likewise topped in terms of value with P95.61 billion or a share of 55.7% to the total. Eastern Visayas came next with traded commodities amounting to P17.31 billion (10.1%), followed by Central Luzon with P12.28 billion (7.2%).
Central Visayas again posted the highest inflow value at P57.97 billion or 33.8% share to the total inflow of domestic trade in the second quarter of 2023. This was followed by Caraga with an inflow value of P29.55 billion (17.2%) and Eastern Visayas with P23.69 billion (13.8%).
Ilocos Region, on the other hand, recorded the lowest inflow value, which amounted to P0.29 billion (0.2%).
Central Visayas was also one of the top three regions that registered favorable domestic trade balance in the second quarter, followed by Central Luzon and Bicol Region.
The top three regions with unfavorable domestic trade balances in the second quarter of 2023 were Caraga, Northern Mindanao and Eastern Visayas.
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