The value of goods traded within the Philippines during the second quarter of 2022 shrank by 18 percent year-on-year to P190 billion from P231.5 billion in the same three months of last year as the initial surge from economic reopening in 2021 waned.
Preliminary data at the Philippine Statistics Authority show that, also, the volume of shipments fell by 24 to 3.9 million tons from 5 million tons in the same quarter of 2021.
Of all goods traded in the second quarter, food and live animals contributed the largest volume at 910,000 tons or 24 percent of total.
In terms of value, machinery and transport equipment accounted for P70.2 billion or 37 percent of total.
Eastern Visayas showed the best trade balance as the region shipped out P18.8 billion worth of goods more than the value it shipped in from across the nation. Caraga was the most dependent on supplies from other regions, showing a trade deficit of P33.9 billion.