The volume of domestic trades increased by almost 20 percent in the first quarter of the year, with the value rising by nearly 50 percent, driven mainly by the food and live animals markets.
According to a report from the Philippine Statistics Authority (PSA), the quantity of locally traded goods between regions or provinces increased by 19.7 percent to 7.73 tons in the first three months, up from 6.45 tons a year ago. Almost all of the commodities were traded via waterways, with 99.9 percent of merchandise goods transported across the archipelago through water.
The growth rate in quantity during the first quarter was faster than the previous year but slower than the volume growth seen in the fourth quarter of 2023. Meanwhile, domestic trade in terms of value surged by 46.7 percent to P389.41 billion compared to a year ago, with food and live animals dominating at P225.08 billion, making up 57.8 percent of the total trade value.
The machinery and equipment market followed closely behind, reaching a total value of P73.97 billion and accounting for 19 percent of trades during the period. By geography, Western Visayas led in domestic trades with a value of P223.33 billion, followed by the National Capital Region and Central Visayas.
The PSA’s report highlights a significant increase in domestic trades in the first quarter of the year, driven by various commodity groups and regions across the country.
