Domestic trade fell by 34% in Q1

The volume of goods traded across the country in the first quarter dropped by a third as Taal Volcano erupted while 75 percent of the economy was put to a halt at the onset of the COVID-19 lockdown.

In a report Friday, the Philippine Statistics Authority (PSA) said the total volume of domestic trade from January to March declined by 33.9 percent to 4.38 million tons from 6.62 million tons a year ago.

Of the first-quarter trade volume, 99.9 percent or 4.37 million tons were transported by water or coastwise, while the remainder were through air transport.

Food and live animals accounted for the biggest share or 36.6 percent of the total volume of goods traded locally in the first quarter, with 1.6 million tons.

In terms of value, domestic trade shrank by 42.7 percent to P125.31 billion from P218.53 billion during the first three months of last year.

The bulk or P125.25 billion worth of goods were traded through water transport, while the remaining about P60 million were transported by air.

Machinery and transport equipment led in the value of domestically traded commodities, with P44.94 billion or 35.9 percent of total.

To recall, Taal Volcano erupted in January, such that domestic as well as international air travel to and from Manila were suspended for a couple of days.

By mid-march, Luzon and other parts of the country with high COVID-19 cases were placed under enhanced community quarantine— the most stringent lockdown in the region that restricted movement of people as well as non-essential goods.