The economy of the PHILIPPINES saw a decline in domestic business activity in 2020, according to data from the Philippine Statistics Authority (PSA).
The final results of PSA’s domestic trade statistics in the Philippines released on Friday showed that the total value of domestic trade fell 29.2% to 590.66 billion pesos last year from 834.72 billion pesos a year ago earlier.
Likewise, the volume of domestic trade plunged 37.3% to 16.23 million tonnes from 25.89 million tonnes previously.
Nine of the 10 product categories tracked by the PSA reported a decline in trade value. Machinery and transport equipment – which accounted for the largest share of trade in terms of value at 25.5% – fell 44.2% to 150.58 billion pesos. Its trade volume also fell 37.4% to 1.59 million tonnes.
The largest decline was seen in mineral fuels, lubricants and related materials, whose trade value fell 59% to 20.90 billion pesos. In terms of volume, trade in this product group fell 81.2% to 741,826 tonnes.
Manufactures “classified primarily by material” were the only group that posted growth last year with 8.5 percent to 131.59 billion pesos from 121.32 billion pesos. This despite a drop in trade volume of 47.5% to 2.89 million tonnes against 5.50 million tonnes.
Northern Mindanao was the main source of basic commodities in 2020, with outflows amounting to 111.64 billion pesos. It had a domestic trade surplus of 52.11 billion pesos.
Meanwhile, the Central Visayas were the main commodity destination with total inflows reaching 108.38 billion pesos, posting a trade surplus of 2.01 billion pesos.