Philippine domestic trade during the third quarter of 2017 recorded a two-digit growth of 18.9% to 4.86 million tons, up from 4.09 million tons in the same quarter last year, according to the Philippine Statistics Authority (PSA).
The double-digit growth in the third quarter was a first this year after the 7.7% increase in the second quarter and the 9.5% decline in the first quarter, the drop a first after a full-year recovery in 2016.
Food commodities and live animals ranked first in quantity at 1.16 million tons for a 23.9% share of all traded commodities. Animal and vegetable oils, fats and waxes had the least quantity with only 0.02 million tons.
The value of domestic trade in the third quarter of 2017 was recorded at P153.99 billion, an increase of 3.3% from P149.14 billion posted in the same quarter of the previous year.
Water transport remained the main means of transporting domestic products, accounting for 99.85% of the total commodities that flowed through the country during the third quarter, while the remaining 0.15% was traded through air.
Central Visayas posted the highest quantity of traded commodities among all of the regions with 0.94 million tons during the third quarter of 2017. This was followed by Central Luzon and Northern Mindanao with 0.86 million tons and 0.79 million tons, respectively.
Total outflow and inflow value in the third quarter of 2017 added up to P153.99 billion, an increase of 3.3% from P149.14 billion recorded in the same quarter in 2016.
Outflow refers to the total quantity value of commodities which goes out of the specified region or province while inflow refers to the total quantity value of commodities coming into the specified region. Trade balance is the difference between the outflow and inflow.
Among the regions, the National Capital Region (NCR) registered the highest outflow value amounting to P31.52 billion or 20.4% of the total. Western Visayas and Eastern Visayas followed with P27.11 billion and P24.65 billion, respectively.
Meanwhile, Central Visayas had the highest inflow value amounting to P28.03 billion or an 18.2% of the total inflow in the third quarter of 2017. On the other hand, Cagayan Valley posted the lowest inflow value at P14.30 million.
Six regions logged positive trade balances in the third quarter of 2017. Eastern Visayas registered the highest trade balance with P16.94 billion, followed by NCR with P11.93 billion. Other regions having a positive trade balance were Central Luzon (P7.77 billion), Davao Region (P4.77 billion), SOCCSKSARGEN (P1.20 billion), and Autonomous Region in Muslim Mindanao (P0.67 billion).
