Philippine trade and commerce on Commonwealth Period
Loading ...Trade and commerce during the Commonwealth Period improved. It will be recalled that from 1930 to about 1935, the country’s foreign trade declined. The reason for this was the existence of a worldwide economic crisis.
From a total worth of P623,000,000 in the Philippine foreign trade in 1929, the value dived to as low as P346,000,000 only four years later in 1933. It rose slightly to P388,000,000 in 1934 but fell to P360,000,000 in 1935. This drop in the country’s total foreign trade was due to the limitation of the export of Philippine sugar to the United States.
But during the first year of the Commonwealth, the country’s foreign trade increased to P475,000,000 and to P520,000,000 in 1937.
The Philippines continued to export goods that it had been exporting before the Commonwealth Period. These consisted primarily of semi-manufactured products and raw materials. Copra, coconut oil, pearl buttons, fiber hats, cigars, abaca, tobacco, sugar, and timber were the country’s principal exports.
In return, the Philippines imported meat products, milk products, flour, copper products such as fruits and vegetables not grown in the country. The country’s foreign trade left the country through such ports as Jolo, Zamboanga, Legaspi, Aparri, Pangasinan, and Camarines Norte, as well as through Manila and Cebu.
