Domestic trade drops in Q4

MANILA, Philippines — Trading of commodities in the country declined in the last quarter of 2020 as the effects of the pandemic continue to linger on weak demand and movement restrictions.

Based on the preliminary results of domestic trade in the country, as released by the Philippine Statistics Authority, volume and value of goods traded inside the country both declined during the October to December 2020 period.

Aggregate value of goods traded in the fourth quarter plummeted 53.5 percent to P82.19 billion from P176.84 billion in 2019.

In terms of volume, the quantity of domestic trade fell by 39 percent to 3.17 million metric tons.

By commodity group, the PSA said commodities and transactions not elsewhere classified topped in terms of trade quantity, comprising 30 percent of the total.

This was followed by food and live animals and manufactured goods classified chiefly by material, which made up 19 and 18 percent, respectively.

However, manufactured goods comprised the bulk of the total value, making up 33 percent or P26.72 billion.

Machinery and transport equipment valued at P24.38 billion came in second and was followed by food and live animals amounting to P13.29 billion.

During the three-month period, trade balance – the difference between the outflow value and the inflow value – was most favorable in Northern Mindanao which registered a trade balance of P21.09 billion; Eastern Visayas, P9.28 billion; and Central Visayas, P8.99 billion.

Caraga, on the other hand, had the highest negative trade balance of P19.24 billion during the period. It was followed by the National Capital Region with P9.12 billion and Western Visayas with P6.76 billion.

The PSA compiles domestic trade statistics from coasting manifests and coastwise passenger manifests from major ports and other active seaports listed by the Philippine Ports Authority all over the country.

It also collects air waybills from Philippine Airlines as a source of domestic trade statistics from air.