PH Economy Optimistic, Domestic Trade Up First Quarter of 2023

The Philippine Statistics Authority (PSA) reported that the country posted an increased domestic trade growth in the first quarter of this year.

According to the PSA’s report last Monday, the country’s domestic trade growth posted PHP199.72 billion. This is a 46.7 percent increase compared to PHP136.18 billion in the same period last year.

“The total value of domestic trade in the first quarter of 2023 amounted to P199.72 billion. This indicates an increment of 46.7 percent from the PhP 136.18 billion value of domestic trade in the same period of 2022,” PSA said in a report on Monday.

In the same report, PSA said that almost all commodities were transported by water while the remaining commodities were traded by air.

“By mode of transport, almost all (99.96%) of the commodities that flowed within the country in the first quarter of 2023 were traded through water (coastwise), while the remaining were traded through the air,” PSA said.

Among the highest traded commodities, machinery and transport equipment registered the highest value of traded commodities in the country, with P68.24 billion or 34.2 percent of the total domestic trade value this year. This is followed by food and live animals that are valued at P51.10 billion or 25.6 percent, and manufactured goods classified by material at P28.77 billion or 14.4 percent.

Meanwhile, Western Visayas is the highest contributor among all the regions, with a P44.70 billion value or 22.4 percent of the total value of traded commodities in the first quarter of 2023. Central Visayas came in second with P42.90 billion or 21.5 percent, while Eastern Visayas came third with P26.01 billion or 13 percent of the total domestic trade value for the first quarter of 2023. (ASC)