Domestic trade contracted by 78% in Q2

Movement restrictions at the height of the longest and strictest COVID-19 lockdown in the region slashed the volume of goods traded across the country by more than three-fourths during the second quarter.

The latest preliminary data on domestic trade released by the Philippine Statistics Authority (PSA) showed that the volume of commodities moved locally reached only 1.8 million tons, down 77.8 percent from 8.1 million tons a year ago.

The bulk or 99.98 percent of the products were traded coastwise or through water transport, while the mere 0.02 percent were traded via air transport.

From April to June period, food and live animals were the most traded goods in terms of quantity, with about 650,000 tons or 36.4 percent of total.

The value of domestic trade from April to June also fell by 69.1 percent to P65.1 billion from P211 billion during the same three-month period last year.

Of the total value of locally traded goods, 99.99 percent were transferred to other parts of the country through water transport.

“Food and live animals led in terms of value of traded commodities with P21.86 billion or 33.6-percent share to total. It was followed by machinery and transport equipment, and manufactured goods classified chiefly by material, with corresponding values of P14.24 billion (21.9 percent) and P12.44 billion (19.1 percent),” respectively, the PSA said.

To recall, the government imposed an enhanced community quarantine in Luzon and other parts of the country with high COVID-19 cases from mid-March to May, putting a halt to 75 percent of the economy as movement of people and nonessential goods were restricted.

By June, most parts of the country were placed under less-restrictive general community quarantine as the government gradually opened up the economy to facilitate recovery from the COVID-19-inflicted economic recession in the first half. —BEN O. DE VERA INQ

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