The total value of domestic trade in the Philippines increased 29.3% to P169.44 billion in the first quarter of the year from P131 billion in the same quarter last year.
The increase was achieved despite a 14.3% decrease in the quantity of domestic trade transactions during the first quarter to 5.13 million tons from 5.99 million tons year-on-year.
Shipping through water remains the country’s principal mode of transport for domestic goods.
In the first quarter, 99.7% of domestic commodities were traded through water, the same figure recorded in the first quarter of 2013, according to the Philippine Statistics Authority.
Food and live animals shared the bulk of the value of commodities, contributing P52.56 billion, or 31% of the total. This was followed by machinery and transport equipment with P29.67 billion (17.5%) and manufactured goods classified chiefly by materials with P25.31 billion (14.9%). Animal and vegetable oils, fats and waxes had the least value with P1.92 billion (1.1%).
The National Capital Region (NCR) posted the biggest domestic trade share with P49.55 billion (29.2%).
Western Visayas ranked second with P38 billion (22.4%), followed by Central Visayas with P24.52 billion (14.5%), while Northern Mindanao accounted for P15.45 billion (9.1%).
Cagayan Valley’s domestic trade contributed the smallest share among the regions with only P25,000.
In the first quarter of 2014, NCR posted the most favorable trade balance with P17.23 billion. Other regions which surpassed the billion mark in positive trade balance were Western Visayas with P12.17 billion and Central Luzon with P9.99 billion.
On the other hand, Central Visayas suffered an unfavorable trade balance with negative P6.91 billion in the first three months of the year. Other regions hitting the billion mark in negative trade balance were Zamboanga Peninsula (P6.68 billion), CALABARZON (P5.58 billion), Caraga (P5.3 billion), Northern Mindanao (P4.75 billion), Davao Region (P4.44 billion), MIMAROPA (P3.24 billion), Ilocos Region (P1.32 billion) and Eastern Visayas (P1.12 billion).
Image courtesy of Naypong / FreeDigitalPhotos.net
