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The Philippines’ domestic trade continued to record double-digit declines in both volume and value for the third quarter in a row this year
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For July to September 2024, the total quantity of domestic trade dropped 28.1% to 4.43 million tons while the value of domestic trade fell 29% to P183.73 billion
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By commodity section, mineral fuels, lubricants and related materials led in terms of quantity while machinery and transport equipment topped in terms of value
The Philippine domestic trade continued to record double-digit declines in both volume and value for the third quarter in a row this year, according to preliminary data from the Philippine Statistics Authority.
For July to September 2024, the total quantity of domestic trade was registered at 4.43 million tons, a 28.1% decline from 6.16 million tons recorded in the same quarter of 2023.
The value of domestic trade likewise dropped 29% to P183.73 billion from P258.86 billion in the third quarter of last year.
Majority or 99.8% of the commodities were traded through water (coastwise) and the rest through air.
By commodity section, mineral fuels, lubricants and related materials led in terms of quantity during the third quarter of 2024 with 1.27 million tons or a share of 28.6% to the total. This was followed by food and live animals with 0.79 million tons (17.7%), and machinery and transport equipment with 0.59 million tons (13.2%)
Machinery and transport equipment, meanwhile, topped in terms of value with P56.50 billion or 30.8% share to the total in the third quarter. This was followed by food and live animals at P32.83 billion (17.9%), and manufactured goods classified chiefly by material at P28.33 billion (15.4%).
By region, Central Luzon registered the highest quantity of traded commodities with 1.43 million tons or a 32.2% share of the total. The National Capital Region (NCR) followed with 1.17 million tons (26.5%) then Northern Mindanao with 0.40 million tons (8.9%).
NCR, on the other hand, had the highest recorded value of traded commodities with P75.15 billion or a share of 40.9% of the total. Northern Mindanao was next with P 22.75 billion (12.4%) then MIMAROPA Region with P22.41 billion (12.2%).
Central Visayas posted the highest inflow value of domestic trade at P41.60 billion (22.6% share to the total) followed by CALABARZON with P24.11 billion (13.1%) and Caraga with P23.63 billion (12.9%).
Cagayan Valley recorded the lowest inflow value, which amounted to P3,720.
In terms of trade balance, NCR led the top three regions with a positive balance of P60.85 billion, followed by the MIMAROPA Region with P13.62 billion, and Central Luzon with P13.45 billion.
The top three regions with negative balances were Central Visayas, -P29.36 billion; CALABARZON, -P24.09 billion; and Caraga, -P19.21 billion.
