Domestic trade up 36.5% in Q1

The value of goods traded within the country in the first quarter of 2011 increased by 36.5 percent year on year to P127.91 billion from P93.7 billion due to the modest growth of the local economy, according to the National Statistics Office.

Volume shipments during the period, however, increased at a slower pace of 6.4 percent to 4.51 million tons from 4.14 million tons in the same quarter of 2010.

NSO data on the flow of commodities among the country’s regions are used as basis in the formulation and implementation of various regional development programs, like countryside development and port planning.

From January to March this year, when total domestic output or gross domestic product grew by 4.9 percent, 99.8 percent of the volume of goods was transported by sea.

In terms of value, commodities moved by ships accounted for 99.5 percent of the total during the quarter.

Of all goods traded in the first quarter, food and live animals contributed the largest value at P38.15 billion, or 29.8 percent of the total.

Other top traded goods were machinery and transport equipment, with a share of 20.8 percent, or P26.63 billion; manufactured goods classified by inputs, 13.4 percent, or P17.1 billion; and mineral fuels and lubricants, 11.5 percent, or P14.7 billion.

The National Capital Region (NCR) accounted for the biggest share of domestic trade valued at P33.48 billion, or 26.2 percent of total.

Following the NCR were Central Visayas with P18.67 billion, or 14.6 percent; Western Visayas, P17.27 billion, or 13.5 percent; Eastern Visayas, P13.97 billion, or 10.9 percent; and Northern Mindanao, P13.02 billion, or 10.2 percent.

Cagayan Valley contributed the least to domestic trading with a value of P58,000 during the first quarter.

Further, Central Luzon continued to show the most favorable quarterly trade balance with a surplus of P11.06 billion, meaning it exported more to other regions than it imported.

Other regions that posted domestic trade surpluses above P1 billion were Eastern Visayas,  P6.2 billion; NCR, P4.21 billion; Western Visayas, P2.5 billion; and Soccsksargen, P2.11 billion.

Central Visayas reported the worst trade deficit with P9.27 billion while Zamboanga Peninsula had P4.53 billion; Caraga, P4.28 billion; Calabarzon, P3.28 billion; Mimaropa, P1.74 billion; and Davao, P1.31 billion.