Connect with us

Hi, what are you looking for?

Economy

Domestic trade falls 60.1% by value in third quarter

DOMESTIC TRADE declined 60.1% year-on-year by value to P91.19 billion in the third quarter, the Philippine Statistics Authority (PSA) said Thursday, citing preliminary data.

By volume, domestic trade amounted to 2.29 million tons, down 61.6% from a year earlier.

All 10 commodity groups monitored by the PSA posted double-digit drops by value.

Machinery and transport equipment — which accounted for the biggest share of trade by value at 36.1% — posted a decline of 51.5% to P32.94 billion, on volume of 328,236 tons, down 49.6%.

The value of manufactured goods classified chiefly by material also declined 18.1% to P28.73 billion, while volume fell 84% to 208,548 tons.

The biggest decline was posted by miscellaneous manufactured articles, where value fell 98.8% to P142.4 million. Volume also returned the biggest fall at 98.2% to 4,318 tons.

Other commodity groups with more than a 75% drop in trade value for the quarter were: animal and vegetable oils, fats, and waxes (-98.6%); beverages and tobacco (-94.7%); chemical and related products (-85.6%); and food and live animals (-78%).

Northern Mindanao had the biggest surplus of P14.27 billion off outflows of P44.64 billion and inflows of P30.37 billion.

George N. Manzano, University of Asia and the Pacific economist and a former tariff commissioner, said by phone that the domestic trade downturn is largely due to logistical restrictions on the supply side. On the demand side, continued declines in employment and economic output have eroded consumer demand.

“Goods are also sourced by households closer to where they are due to the pandemic,” Mr. Manzano added.

He expects trade to improve in the fourth quarter with higher spending due to the holidays, but warned that this may be subdued due to restrictions on family gatherings next month.

“As we loosen up the economy and restrictions on mobility, domestic trade growth will likely follow,” he said. — Marissa Mae M. Ramos

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

The number of businesses going bust in England and Wales jumped last month to its highest level since the start of the pandemic, as...

Economy

Co-engineered with ZEISS, new vivo X70 highlights state-of-the-art mobile photography technology Global brand vivo remains top of mind when one thinks of premium imaging...

Investing

Half of the UK’s working mothers do not get the flexibility they ask for, while those that do work flexibly face discrimination, according to...

Economy

By Jenina P. Ibañez, Reporter   Money sent home by overseas Filipino workers (OFWs) increased for the seventh straight month as more host economies with...

Economy

The Bureau of Internal Revenue (BIR) clarified that only medicines and medical devices for the treatment of coronavirus disease 2019 (COVID-19) included in an updated government list...

Economy

Typhoon Kompasu has resulted in the worst container shipping traffic jam in months, one that now stretches throughout Southeast Asia and may take weeks to unravel. ...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!