Domestic trade volume rose 19.7% in the first quarter of 2024, according to fresh data released by the Philippine Statistics Authority (PSA).
The total volume of domestic trade rose 19.7% to 7.73 million tons in the first quarter of the year from the 6.45 million tons recorded in the same quarter of 2023, the Philippine Statistics Authority (PSA) said Friday.
The PSA added that the volume is 33.4% higher compared to the domestic trade recorded in the last quarter of 2023.
In a statement, the PSA said, "The total value of domestic trade in the first quarter of 2024 amounted to P389.42 billion. This indicates an annual increase of 46.7 percent from the P265.51 billion value of domestic trade in the same period of 2023."
Domestic trade value refers to the outflow value of commodities transported from the region/province of origin to another region/province of destination.
In terms of value, the majority (99.96%) of the commodities that flowed within the country were traded through water (coastwise), while the remaining were traded through air in the first quarter of 2024
According to the PSA, the majority (99.9%) of the commodities were traded through water, while the rest were traded through air in the first quarter of 2024/
By commodity section, food and live animals led in the quantity of domestic trade in the first quarter of 2024, with 3.46 million tons, or 44.7 percent of the total domestic trade.
Mineral fuels, lubricants, and related materials, with 1.27 million tons (16.5%), and machinery and transport equipment, with 0.72 million tons, followed.
By region, Western Visayas registered the highest quantity of traded commodities with 3.05 million tons or a 39.5 percent share of total domestic trade, followed by Central Luzon and Central Visayas.
On the other hand, the total value of domestic trade also grew by 46.7 percent to P389.42 billion from P265.51 billion in 2023.
Western Visayas recorded the highest value of traded commodities, amounting to P223.33 billion.
The PSA, meanwhile, said the National Capital Region recorded the highest inflow value of domestic trade, at P160.13 billion, or 41.1 percent of the total inflow of domestic trade in the first quarter of 2024.
"Inflow refers to the value of commodities that enter a specified region or province from other regions or provinces," the PSA said.