The value of goods traded in the Philippines during the second quarter of 2022 decreased by 18% year-on-year to 190 billion pesos, compared to 231.5 billion pesos in the same three months of last year, while the initial push for economic reopening in 2021 has faded.
Preliminary data from the Philippine Statistics Authority also shows that the volume of shipments fell by 24 to 3.9 million tons, compared to 5 million tons in the same quarter of 2021.
Of all goods traded in the second quarter, food and live animals contributed the largest volume at 910,000 tonnes or 24% of the total.
In terms of value, machinery and transport equipment accounted for P70.2 billion or 37% of the total.
Eastern Visayas posted the best balance of trade, with the region shipping 18.8 billion pesos worth of goods more than the value it shipped across the country. Caraga was the most dependent on supplies from other regions, posting a trade deficit of 33.9 billion pesos.
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