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The Philippines’ domestic trade recorded double-digit declines in both volume and value in the fourth quarter of 2024, according to Philippine Statistics Authority preliminary figures
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The total quantity of domestic trade dropped 25.9% to 6.23 million tons
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The total value of domestic trade fell 24.6% to P246.22 billion
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Mineral fuels, lubricants and related materials led in terms of quantity while food and live animals, on the other hand, topped in terms of value
The country’s domestic trade recorded double-digit declines in both volume and value in the fourth quarter of 2024, according to preliminary data from the Philippine Statistics Authority (PSA).
The total quantity of domestic trade dropped 25.9% to 6.23 million tons in the fourth quarter of 2024 from 8.41 million tons in the same quarter of 2023.
In terms of value, domestic trade amounted to P246.22 billion in the fourth quarter of last year, a decrease of 24.6% from P326.56 billion year-on-year.
The majority or 99.9% of commodities were traded through water (coastwise), while the rest were traded through air in the fourth quarter of 2024.
Among the commodities, mineral fuels, lubricants and related materials led in terms of quantity in the fourth quarter of 2024 with 1.48 million tons or a share of 23.8% to the total. This was followed by food and live animals with 1.44 million tons (23.1%), and commodities and transactions not classified elsewhere with 0.99 million tons (16%).
Food and live animals, on the other hand, topped in terms of value with P72.07 billion or 29.3% of the total. This was followed by machinery and transport equipment at P47.48 billion (19.3%), and manufactured goods classified chiefly by material at P45.15 billion (18.3%).
By region, National Capital Region (NCR) registered the highest quantity of traded commodities with 2.02 million tons or 32.4% share to the total. Central Luzon followed with 1.59 million tons (25.4%) and then Bicol Region with 0.97 million tons (15.6%).
NCR also led in terms of value with P131.31 billion or a share of 53.3% to the total, followed by Northern Mindanao with P31.55 billion (12.8%), and Western Visayas with P23.76 billion (9.6%).
Western Visayas, meanwhile, posted the highest inflow value—value of commodities that enter a specified region/province from other regions/provinces—of P46.63 billion or 18.9% share to the total inflow of domestic trade in the fourth quarter of 2024. This was followed by Central Visayas with an inflow value of P46.31 billion (18.8%), and MIMAROPA Region with P27.65 billion (11.2%).
Trade balance is the difference between the outflow value and inflow value. A positive value indicates a favorable trade balance, while a negative value indicates an unfavorable trade balance.
NCR led in terms of favorable trade balance in the fourth quarter amounting to P107.02 billion, followed by Central Luzon (P14.86 billion), and Bicol Region (P11.29 billion).
The top three regions with unfavorable domestic trade balances, on the other hand, were Central Visayas (-P37.50 billion), MIMAROPA (-P25.16 billion), and Western Visayas (-P22.87 billion).
