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Philippine domestic trade books double-digit growth in Q2

  • The Philippines’ domestic trade in the second quarter of 2021 recorded double-digit increases in both volume and value
  • The total quantity of domestic trade grew 30.1% while value of trade increased by 24.5%
  • Manufactured goods remained the top commodity in volume while machinery and transport equipment topped in terms of value
  • Central Visayas registered the highest quantity of traded commodities, Eastern Visayas ranked first in terms of value, and Eastern Visayas logged the most favorable trade balance
  • 9% of commodities were traded through water while the rest via air

The Philippines’ domestic trade in the second quarter of 2021 recorded double-digit increases in both volume and value, according to preliminary data from the Philippine Statistics Authority (PSA).

The total quantity of domestic trade in the second quarter of 2021 was recorded at 3.74 million tons, an increment of 30.1% from the 2.88 million tons recorded in the same quarter last year. It was also an improvement from the 8.8% annual increase in the first quarter of 2021.

In terms of value, domestic trade amounted to P141.77 billion in the second quarter of 2021. This indicates an expansion of 24.5% from the P113.84 billion recorded in the same quarter in 2020 and an improvement from the 8.1% decline in the first quarter of 2021.

PSA earlier recorded historic quarterly and annual declines in volume and value of domestic trade in the second quarter of 2020 as a result of strict restrictions imposed during the period due to the COVID-19 pandemic.

Almost all or 99.9% of the commodities in the second quarter of 2021 were traded through water (coastwise), while the rest were traded through air.

By commodity section, manufactured goods led in terms of quantity with 0.95 million tons or a share of 25.4% to the total. This was followed by food and live animals with 0.84 million tons (22.5%) and commodities and transactions not elsewhere classified with 0.49 million tons (13.1%).

By value, machinery and transport equipment topped with P43.83 billion or 30.9% share to the total. This was followed by food and live animals valued at P33.63 billion (23.7%), and manufactured goods which amounted to P32.39 billion (22.8%).

By region, Central Visayas registered the highest quantity of traded commodities with 1.09 million tons or 29.1% share to the total in the second quarter of 2021. This was followed by Northern Mindanao with a quantity of 0.58 million tons (15.6%), and Bicol Region with 0.46 million tons (12.3%).

Eastern Visayas ranked first in terms of value with P28.87 billion or 20.4% share to the total. Northern Mindanao came next with P 27.75 billion (19.6%), followed by Western Visayas with P24.44 billion (17.2%).

Northern Mindanao also posted the highest inflow value of domestic trade of P40.35 billion or 28.5% share to the total. This was followed by Central Visayas with P24.65 billion (17.4%), and Western Visayas with P20.96 billion (14.8%). On the other hand, Cagayan Valley had the lowest inflow value which amounted to P2.8 million.

Eastern Visayas logged the most favorable trade balance in the second quarter of 2021 with P15.65 billion. It was followed by National Capital Region with P7.17 billion, and Bicol Region with P4.88 billion.

On the other hand, the top three regions with unfavorable trade balances were Northern Mindanao, -P12.59 billion; Central Visayas, -P6.29 billion; and CALABARZON, -P5.37 billion.

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