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The country’s domestic trade saw double-digit growth in both volume and value in the first quarter of 2024
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The quantity of domestic trade increased 19.7% to 7.73 million tons while the value of domestic trade grew 46.7% to P389.42 billion
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Almost all or 99.9% of domestic commodities were traded through water (coastwise), while the rest were traded through air in the first quarter of 2024
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Food and live animals were the top traded domestic commodity
The country’s domestic trade saw double-digit growth in both volume and value in the first quarter of 2024, according to preliminary data from the Philippine Statistics Authority (PSA).
The quantity of domestic trade in the first quarter of 2024 was pegged at 7.73 million tons, an annual increase of 19.7% from the 6.45 million tons recorded in the same quarter of 2023. It was lower than the 33.4% growth posted in the fourth quarter of 2023 but higher than the 18% increment in the first quarter of last year.
The value of domestic trade likewise grew 46.7% in the first quarter of 2024 to P389.42 billion from the P265.51 billion in the same period of 2023.
Almost all or 99.9% of domestic commodities were traded through water (coastwise), while the rest were traded through air in the first quarter of 2024.
By commodity section, food and live animals led in terms of quantity, accounting for 3.46 million tons or a share of 44.7% to the total in the first quarter. This was followed by mineral fuels, lubricants and related materials with 1.27 million tons (16.5%) and machinery and transport equipment with 0.72 million tons (9.4%).
In terms of value, food and live animals likewise topped with P225.08 billion or 57.8% share to the total.
This was followed by machinery and transport equipment at P73.97 billion (19%) and manufactured goods classified chiefly by material at P30.29 billion (7.8%).
By region, Western Visayas (Region VI) registered the highest quantity of traded commodities with 3.05 million tons or a share of 39.5% to the total. Central Luzon followed with 1.54 million tons (20%) and Central Visayas (Region VII) with 0.66 million tons (8.6%).
Western Visayas also led in terms of value with P223.33 billion or 57.4% share. The National Capital Region (NCR), with P36.55 billion (9.4%), came second followed by Central Visayas with P36.33 billion (9.3%).
NCR also posted the highest inflow value of domestic trade at P160.13 billion or 41.1% share, followed by Central Visayas with P41.53 billion (10.7%) and CALABARZON (Region IV-A) with P38.22 billion (9.8%).
Cagayan Valley (Region II), on the other hand, recorded the lowest inflow value, which amounted to P10,740 during the first quarter of 2024.
In terms of favorable trade balance, the top three provinces for the first quarter were Western Visayas, P193.68 billion; Central Luzon, P13.19 billion; and Eastern Visayas (Region VIII), P10.57 billion.
The top three provinces with negative trade balance during the period, meanwhile, were NCR, P -123.58 billion; CALABARZON, P-38.19 billion; and Caraga (Region XIII), P-18.34 billion.
