Value and quantity of domestic trade decreased
The total value of domestic trade in second quarter 2003 declined by 13.6 percent, resulting to P85.36 billion from P98.76 billion registered during the same period of last year. Most of the commodities were transported via water, with shares of 99.6 percent and 98.9 percent during the second quarters of 2003 and 2002, respectively.
The quantity of commodities traded also dropped by 13.3 percent from 5.37 million tons in the second quarter of 2002 to 4.66 million tons in the same period of 2003. The bulk of commodities was traded via water comprising 99.8 percent of the second quarters of both years 2003 and 2002.
Food and live animals dominated the domestic trade
Among the commodities that flowed throughout the country in second quarter 2003, food and live animals contributed the biggest total value amounting to P23.76 billion (27.8 percent). Machinery and transport equipment was next with P16.53 billion (19.4 percent). Mineral fuels, lubricants and related materials followed closely with P14.43 billion (16.9 percent). Animal and vegetable oils, fats and waxes provided the least value of P427.68 million (0.5 percent).
Food and live animals likewise dominated the domestic trade in second quarter 2002 with a share of 29.9 percent (P29.53 billion) of the total value. Machinery and transport equipment followed with a 16.2 percent share (P16.03 billion). Mineral fuels, lubricants and related materials was next with a share of 15.9 percent (P15.71 billion). Contributing the least value of only P699.19 million (0.7 percent) was animal and vegetable oils, fats and waxes. (See Table 1).
NCR accounted for the largest domestic trade share
Most of the traded commodities in the second quarter of 2003 came from NCR with value of domestic trade amounting to P22.67 billion (26.6 percent). The next highest contributing region was Central Luzon with P14.81 billion (17.4 percent). Central Visayas was third, contributing P11.02 billion (12.9 percent). Contributing the least was Cagayan Valley with only P73 thousand domestic trade share.
Likewise, during the second quarter of 2002, NCR had the highest domestic trade value of P26.62 billion (27.0 percent). Central Luzon remained the second highest contributing region with a total value of P15.23 billion (15.4 percent). Central Visayas was at third place with P9.37 billion (9.5 percent). Cagayan Valley remained the least contributing region with only P323 thousand domestic trade share.
Central Luzon posted the most favorable trade balance
In the second quarter of 2003, Central Luzon posted the most favorable balance of trade at P14.19 billion. Other regions with more than a billion positive trade balances were National Capital Region (P2.13 billion), Eastern Visayas (P2.14 billion), Soccsksargen (P2.67 billion) and Caraga (P3.23 billion). Inflows for Northern Mindanao amounted to P14.10 billion resulting to an unfavorable balance of trade of -P7.38 billion.
For the same period in 2002, Central Luzon also realized the most favorable trade balance at P14.53 billion. Other regions with more than a billion positive trade balances amounting to P1.33 billion, P1.46 billion and P4.92 billion were National Capital Region, Eastern Visayas and Soccsksargen, respectively. On the other hand, Central Visayas suffered an unfavorable balance of trade of ?P9.46 billion.
Source: National Statistics Office