Business and Economy
Domestic trade volume up double digit in Q3 ’17
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Philippine Statistics Authority (PSA) data released Thursday showed that volume of domestic trade in third quarter of the year grew 18.9 percent to 4.86 million tons from 4.09 million tons in Q3 last year. (Pixabay photo)MANILA — Quantity of goods traded in the domestic market in July to September period has increased by double digit this year compared to the same period in 2016.
Philippine Statistics Authority (PSA) data released Thursday showed that volume of domestic trade in third quarter of the year grew 18.9 percent to 4.86 million tons from 4.09 million tons in Q3 last year.
Food and live animals were the most traded commodities in Q3 2017 sharing 1.16 million tons or 23.9 percent of the total domestic trade in the previous quarter.
On the other hand, total value of flow of goods in Q3 2017 also went up by 3.3 percent to PHP154 billion from PHP149.1 billion in Q3 2016.
About 99.85 percent of the total value of trade was transported across the country via water, and the remaining 0.15 percent was through air.
Machinery and transport equipment accounted for the highest value of commodities traded within the country in Q3 2017 at 34.4 percent amounting to PHP53.1 billion.
Flow of machinery and transport equipment goods in the country for Q3 2017 was higher by 12 percent compared to its PHP47.
3 billion trade value in the same period last year.
Food and live animals posted second largest value in domestic trade at PHP36.6 billion, followed by manufactured goods classified chiefly by material amounting to PHP18.7 billion.
In terms of value, other top commodities traded locally were mineral fuels, lubricants and related materials at PHP12.7 billion; chemical and related products at PHP9.5 billion; beverages and tobacco at PHP6.4 billion; miscellaneous manufactured articles at PHP5.86 billion; commodities and transactions at PHP5.4 billion; crude materials, inedible except fuels at PHP4.3 billion; and animal and vegetable oils, fats, and waxes at PHP1.4 billion.
Moreover, Central Visayas accounted for the bulk of domestic trade inflows and outflows in Q3 2017 at 19.4 percent or a total of 940,000 tons.
This was followed by Central Luzon at 860,000 tons and Northern Mindanao at 790,000 million tons.
Largest trade outflow in the country in the previous quarter was from the National Capital Region (NCR) reaching to PHP31.5 billion, followed by Western Visayas and Eastern Visayas at PHP27.1 billion and PHP24.6 billion, respectively.
In terms of balance of trade, six regions posted favorable trade balance, which include Eastern Visayas, NCR, Central Luzon, Davao Region, SOCCSKSARGEN, and Autonomous Region in Muslim Mindanao.
This means these regions had more trade outflows than inflows in Q3 this year.
Meanwhile, unfavorable trade balance was recorded in regions of Caraga, Calabarzon, Zamboanga Peninsula, Central Visayas, Mimaropa, Northern Mindanao, Ilocos Region, Western Visayas, Cagayan Valley, and Bicol. (PNA)
