DOMESTIC trade recorded double-digit growth rates in 2021, the Philippine Statistics Authority (PSA) reported on Monday, rebounding from steep declines in the previous year.
In terms of quantity, domestic trade totaled 20.22 million tons last year, up 24.6 percent from the 37.3 percent drop in 2020 to 16.23 million tons.
In terms of value, growth in 2021 was 21.6% to reach 718.44 billion pesos, compared to 590.66 million pesos (down 29.2%) a year earlier.
Mobility was severely restricted in 2020 as the government imposed quarantines and lockdowns to deal with the Covid-19 pandemic. The economy then contracted and it was not until the following year that the restrictions were phased out.
For 2021, almost all (99.9%) of commodities were traded by sea while the rest was traded by air, the PSA said.
Manufactured goods classified primarily by material in terms of quantity, accounting for 27.4% or 5.54 million tonnes of the total.
This is followed by food and live animals (4.68 million tonnes or 23.1 percent) and goods and transactions not elsewhere classified (3.05 million tonnes or 15.1 percent).
The Central Visayas region recorded the highest amount of traded products with 7.06 million tons (34.9% of the total), followed by the National Capital Region (NCR) with 3.22 million tons (15 .9%) and the Bicol region with 2.18 million tonnes (10.8% of the total). ).
Machinery and transport equipment, meanwhile, was the most traded commodity in terms of value, with 200.55 billion pesos, or 27.9% of the total. This is followed by food and live animals (171.36 billion pesos or 23.9%) and manufactured goods classified mainly by material (160.23 billion pesos or 22.3%).
By region, the NCR ranked first in terms of the total value of traded products (198.17 billion pesos or 27.6% of the total), followed by the Eastern Visayas (119.76 billion pesos or 16.7 %) and Western Visayas (117.53 billion pesos or 16.7%). 16.4%).