PSA: Domestic trade grew in 2021, but still below pre-pandemic level | Inquirer Business
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PSA: Domestic trade grew in 2021, but still below pre-pandemic level

By: - Reporter / @bendeveraINQ
/ 03:52 PM May 02, 2022
PSA: Domestic trade grew in 2021, but still below pre-pandemic level

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MANILA, Philippines—Gradual easing of COVID-19 restrictions last year reverted trade of goods nationwide to growth, although not enough to return to stronger pre-pandemic levels.

The Philippine Statistics Authority (PSA) on Monday (May 2) reported that the quantity of domestic trade — or the movement of products from one province or region to another — grew 24.6 percent to 20.22 million tons in 2021 from 16.23 million tons in 2020, which had fallen 37.3 percent from 25.89 million tons in 2019.

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In terms of value, domestic trade also recovered, growing 21.6 percent to P718.4 billion in 2021 from P590.7 billion in 2020. However, last year’s domestic trade volume remained below the P834.7-billion worth in 2019, before the COVID-19 pandemic struck.

At least 75 percent of the economy ground to a halt at the height of the longest and most stringent lockdowns imposed at the onset of the pandemic two years ago. Movement of non-essential goods had also been restricted across borders of local government units (LGUs), such as provinces, cities and municipalities, and even barangays. It did not help that different LGUs sometimes had differing pandemic restrictions, resulting in trade bottlenecks.

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But towards the end of last year, the government allowed more economic activities to resume, as long as adhering to minimum health standards, and alongside the rollout of the nationwide mass vaccination program.

The PSA said that in 2021, 99.9 percent of commodities that moved across the country — both in terms of volume and value — were traded through water transport, while the remainder were via air.

In terms of quantity or volume, the top traded products within the Philippines last year were manufactured goods, as well as food and live animals, the PSA said.

On value, most traded in the country in 2021 were machinery and transport equipment, food and live animals, and manufactured goods, PSA data showed.
The regions that posted the highest trade volumes were Central Visayas, the National Capital Region and Bicol Region.

NCR plus Eastern Visayas and Western Visayas topped in value of traded goods.

TSB

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TAGS: #COVID19PH, economy, goods volume, pandemic, Philippine statistics authority, Trade
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