Domestic trade value down in Q3

The value of goods traded within the country posted a doubledigit decline in the third quarter, reflecting reduced spending amid higher prices.

-  LOUELLA DESIDERIO

Preliminary data released by the Philippine Statistics Authority (PSA) showed domestic trade value fell by 38.3 percent to P190.81 billion in the third quarter from P309.46 billion in the same period last year.

In terms of volume, domestic trade also dropped 24.2 percent to 4.90 million tons in the third quarter.

"By mode of transport, almost all (99.96 percent) of the commodities that flowed within the country in the third quarter of 2023 were traded through water (coastwise), while the remaining were traded through air," the PSA said.

Asked to comment on the data, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the "double-digit decline in domestic trade volume and value in Q3 (third quarter) 2023 may have been attributed to higher prices or inflation that reduced spending by consumers or households, businesses or industries, government, and other institutions."