Domestic trade shrank in the second quarter

Both the volume and value of goods traded among Philippine provinces and regions fell sharply in the second quarter, weighed down by a steep decline in commodities transported by sea.

In a preliminary report, the Philippine Statistics Authority said the volume of domestic trade—or commodities transported from one province or region to another—contracted by 37.9 percent to 10.57 million tons in the second quarter from 17.02 million tons in the same period last year.

In value terms, the decline was smaller but still pronounced at 21.9 percent, with domestic trade amounting to P745.7 billion from P955.18 billion a year earlier.

That contraction came largely from trade transported by water, whose volume plunged 56.7 percent year-on-year to 3.77 million tons from 8.72 million tons.

In terms of value, goods moved by water sank 56 percent to P202.42 billion from P460.06 billion.

Still, road transport accounted for the lion’s share of domestic trade during the quarter, comprising 64.3 percent of total volume and 72.8 percent of value.

Goods transported by road reached 6.79 million tons, down 18.1 percent from 8.29 million tons a year earlier.

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Despite the lower volume, their value increased 9.8 percent to P542.73 billion from P494.44 billion.

Air transport accounted for just 0.1 percent of domestic trade. Its volume rose 18.3 percent to 6,910 tons, although the value of these shipments declined 16.9 percent to P557.67 million.

By commodity, mineral products accounted for the largest share of domestic trade volume at 2.73 million tons, or 25.9 percent of the total.