CV domestic trade ranks 2nd in 2016 at P141.65B

CEBU, Philippines - The Central Visayas region ranked second in terms of value of domestic trade in 2016, which showed that trade activity in one of the country’s fastest growing region continued to be robust.

Latest data from the Philippine Statistics Authority showed that domestic trade in Central Visayas last year amounted to P141.65 billion, ranking second after National Capital Region.

Domestic trade pertains to goods that passed through the region’s airports and seaports.

Total value of Philippine domestic trade in 2016 rose by 35.6 percent, from P642.64 billion in 2015 to P871.67 billion in 2016.

Central Visayas also posted the second highest outflow trade value amounting to P141.65 billion.

In terms of inflow trade value, Central Visayas recorded the biggest inflow value amounting to P173.96 billion in 2016. This translates to 19.9 percent share to total of all traded commodities.

Region 7 also recorded a negative trade balance of P32.30 billion.

Outflow refers to the total quantity and value of commodities which goes out of a specific region or province while inflow refers to the total quantity and value of commodities coming in a region.

Trade balance is the difference between the outflow and inflow.

In 2016, the Central Visayas economy grew by 8.8 percent, with trading as one of its growth drivers.

The Central Visayas share of total GDP comes to 6.5 percent, the fourth-largest in the country after Metro Manila, Calabarzon, and Central Luzon.

Cebu accounts for the bulk of the economic activity in the Central Visayas.

For the two years which ended in 2016, the Central Visayas grew by 6.8 percent per year in real terms, faster than the Philippine GDP growth over the same period, at 6.5 percent.

In general, the Visayas group (Western Visayas, Central Visayas and Eastern Visayas) topped in terms of domestic trade value in 2016 with value amounting to P351.95 billion or 40.3 percent of the total trade value in the country.

The top three commodity sections in terms of its contribution to the total value of traded commodities in Visayas were: machinery and transport equipment (P156.72 billion or 44.5 percent); food and live animals (P78.23 billion or 22.2 percent); and manufactured goods classified chiefly by material (P35.50 billion or 10.0 percent).

Nationwide, machinery and transport equipment posted the highest value of P281.71 billion in 2016.

On the other hand, the lowest value of P2.95 billion was registered for animal and vegetable oils, fats and waxes. (FREEMAN)