The value of domestic trade in the Philippines surged 46.7 percent in the first quarter of 2024 from a year ago, the Philippine Statistics Authority (PSA) said Friday.
The total value of domestic trade amounted to P389.42 billion from January to March, up from P265.51 billion registered in the first quarter of 2023.
Domestic trade value refers to the outflow value of goods transported from one region or province to another within the country.
Nearly all (99.96 percent) of the commodities traded domestically in the first quarter were transported by water (coastwise), with the remaining being transported by air.
The PSA also reported a 19.7-percent increase in the quantity of domestic trade in the first quarter, reaching 7.73 million tons. This followed a 33.4-percent increase in the fourth quarter of 2023.
Food and live animals topped in terms of value of traded commodities with P225.08 billion or 57.8 percent of the total in the first quarter of 2024.
This was followed by machinery and transport equipment at P73.97 billion (19.0 percent) and manufactured goods classified chiefly by material at P30.29 billion (7.8 percent).
The PSA said that in terms of quantity, trade of food and live animals reached 3.46 million tons or 44.7 percent of the total in the first quarter.
This was followed by mineral fuels, lubricants and related materials with 1.27 million tons (16.5 percent) and machinery and transport equipment with 0.72 million tons (9.4 percent).
Among the regions, Western Visayas (Region VI) topped with P223.33 billion value of traded commodities or 57.4 percent of the total in the first quarter of 2024.
This was followed by National Capital Region (NCR) with traded commodities amounting to P36.55 billion (9.4 percent) and Central Visayas (Region VII) with P36.33 billion (9.3 percent) worth of traded commodities.
Western Visayas (Region VI) also registered the highest quantity of traded commodities with 3.05 million tons or 39.5 percent of the total domestic trade in the first quarter, followed by Central Luzon (Region III) with 1.54 million tons (20.0 percent) and Central Visayas with 0.66 million tons (8.6 percent).