Central Visayas accounts 58% of PH’s traded domestic goods

For 1Q 2021

By: Morexette Marie B. Erram - CDN Digital | May 30,2021 - 12:18 PM
Central Visayas accounts 58% of PH's traded domestic goods

An aerial shot of S. Osmeña Road and the Cebu International Port at the North Reclamation Area in Cebu City | CDN Digital file photo

CEBU CITY, Philippines – Central Visayas leads in the country’s domestic trade for the first quarter of 2021, state statisticians announced.

Data from the Philippine Statistics Authority (PSA) showed that Central Visayas is the country’s region with the highest quantity of goods traded out, with 2.7 million tons, and accounting for a 58-percent share of the nation’s total.

When translated to monetary value, this amounted to approximately P20.4 billion.

“By region, Central Visayas (Region VII) registered the highest quantity of traded commodities with 2.65 million tons or 58.0 percent share to the total in the first quarter of 2021. This was followed by Western Visayas (Region VI) with a quantity of 0.50 million tons (10.9%) and Caraga (Region XIII) with 0.35 million tons (7.7%),” the PSA said in an accompanying press release.

According to the same report, all regions in the Visayas area had the highest favorable or positive trade balances in the same period.

Eastern Visayas ranked first with a trade balance of P17.24 billion. It was followed by Central Visayas with P6.4 billion, and Western Visayas with P5.83 billion.

For the first quarter this year, Central Visayas only bought-in goods from other provinces and regions worth P14 billion.

Trade balance refers to the difference between the value of goods moved out and bought in.

While the quantity of domestic goods traded out from Central Visayas may have increased, however, their value was lower compared to the P25 billion and P32.5 billion recorded during the last and first quarters of 2020 respectively.

“Data on the inflow and outflow of commodities in the different regions of the country are used to construct inter-regional and inter-industry relation tables. These serve as bases in the formulation and implementation of various regional development programs like countryside development and port planning,” PSA added.

Nationwide

Due to the lingering effects of the COVID-19 crisis, the quantity and value of domestic goods traded in the country for the first quarter of 2021 continue to decline.

PSA recorded 4.57 million tons of domestic goods, translating to a value of P94.5 billion from January to March. In the last quarter of 2020, there were 4.71 million tons of traded domestic goods in the country, worth P166.5 billion.

They also said 99.9 percent of all commodities traded were through water.

/bmjo

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TAGS: Central Visayas, Central Visayas’ economy, domestic trade 2021, Philippine Statistics Authority, PSA

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