MANILA, Philippines — The Philippine Statistics Authority (PSA) reported a drop in both the value and volume of traded goods but noted that the National Capital Region (NCR) reported the highest value of traded commodities in all the regions in the country for the second quarter of the year.
PSA data showed that in the second quarter of 2024, domestic trade was valued at P182.62 billion, which is 14.9 percent less than the P214.72 billion recorded in the same quarter of 2023.
Domestic trade value is the total worth of goods moved from one region or province to another.
It also said that in the second quarter of 2024, domestic trade totaled 4.10 million tons, down by 38.2 percent from 6.64 million tons in the same quarter of 2023.
Compared to the first quarter of 2024, where trade increased by 43.1 percent, and the second quarter of 2023, which saw a 15.8 percent rise, this represents a decline.
Nearly all (99.9 percent) of the goods were transported by water, while only a tiny fraction was shipped by air, it said.
NCR getting the ‘highest value’ of traded commodities
It likewise said that in the same quarter, NCR led with P66.78 billion in traded goods, making up 36.6 percent of the total. Eastern Visayas (Region VIII) followed with P23.59 billion (12.9 percent), and Northern Mindanao (Region X) had P19.22 billion (10.5 percent).
But in terms of inflow value, Central Visayas has led the race, the PSA said.
Inflow is the value of goods coming into a region or province from others.
Central Visayas (Region VII) had the highest inflow, totaling P38.43 billion, or 21.0 percent of all inflows. Caraga (Region XIII) followed with P27.36 billion (15 percent), and Western Visayas (Region VI) had P23.60 billion (12.9 percent). The Cordillera Administrative Region had the lowest inflow, at just P83,600, the PSA report noted.
Commodities that have topped the quantity of domestic trade in the same period
PSA said that food and live animals led in domestic trade quantity with 1.01 million tons, or 24.7 percent of the total. They were followed by mineral fuels, lubricants, and related materials at 0.95 million tons (23.3 percent), and machinery and transport equipment at 0.52 million tons (12.8 percent).
