Traded Goods Value, Volume Shrinks in Third Quarter
The Philippine Statistics Authority (PSA) reported a significant decrease in the value and volume of traded goods in the country during the third quarter of the year. According to data from the PSA, the value of goods traded from July to September saw a double-digit drop of 38.3 percent to P190.812 billion from P309.459 billion in the same period a year ago.
Additionally, the volume of traded goods also fell by 24.2 percent to 4.90 million tons from the 6.47 million tons recorded the previous year. This decline marks a reversal from the 17 percent growth in the same period in 2022 and the 15.8 percent expansion in the previous quarter.
Machinery and transport equipment had the highest value in traded commodities with P80.6 billion, comprising 42 percent of the total in the third quarter, while Central Visayas saw the highest value of traded commodities with P50.80 billion, accounting for 26.6 percent of the total domestic trade during the quarter.
On the other hand, among the regions with favorable domestic trade balances during the quarter, the National Capital Region came first, followed by Central Luzon and Bicol Region.
The commodities were primarily transported through water, constituting 99.9 percent of the total commodity flow. The decrease in traded goods is a significant economic indicator and may have implications for the country’s overall economic performance.
