The value of goods and commodities that were traded within the country’s borders increased 35.6 percent in 2016, according to data released by the Philippine Statistics Authority (PSA).
The value of domestic trade reached P871.67 billion in 2016, higher than the P642.64 billion posted in 2015.
The amount covered 24.35 million tons worth of goods. This volume was 25 percent higher than the 19.49 million tons posted in 2015.
“The domestic trade data in this report pertains to goods that passed through airports and seaports in the country, whether for the government or private use, or for commercial purposes,” the PSA said.
In terms of value, PSA data showed machinery and transport equipment posted the highest value of P281.71 billion of the total, followed by food and live animals with P216.23 billion, or 24.8-percent share of the total value in 2016.
The commodity with the lowest value of P2.95 billion was animal and vegetable oils, fats and waxes.
In terms of volume, food and live animals commodities had the highest quantity with 6.61 million tons, while animal and vegetable oils, fats and waxes had the least with less than 0.10 million tons.
PSA data also showed that the National Capital Region (NCR) posted the highest outflow value amounting to P275.64 billion, or 31.6 percent from the total outflow in the country.
It was followed by Central Visayas and Western Visayas, with P141.65 billion and P116.316 billion, respectively. Ilocos region had the least outflow value of P1.52 million only in 2016.
In terms of inflow value, Central Visayas recorded the biggest inflow value amounting to P173.96 billion in 2016. This translates to 19.9-percent share to total of all traded commodities. Cordillera Administrative Region had the smallest inflow value of P10,000 in 2016.
PSA data showed that, out of the 17 regions, 10 regions had unfavorable trade balance, while seven regions yielded positive trade balance.
The regions with the highest trade balance were Metro Manila with P164.31billion; Central Luzon, P49.84 billion; and Eastern Visayas, P30.99 billion.
The regions with the largest trade deficits were Caraga, with a deficit of P78.81 billion, followed by Zamboanga Peninsula, with P38.71 billion; and Davao region, P34.16 billion.
“Outflow refers to the total quantity and value of commodities, which goes out of the specified region or province, while inflow refers to the total quantity and value of commodities, coming in the specified region,” the PSA said. “Trade balance is the difference between the outflow and inflow.”
Data on the inflow and outflow of commodities in the different regions of the country are used to construct inter-regional and inter-industry relation tables.
The data is collected from the Philippine Port Authority while copies of air waybills from the Philippine Airlines.
Coastwise manifests contain data on cargoes on board. These are from major ports and other active seaports listed by the PPA all over the country.
Image credits: Wikimedia Commons