Do trades count against a PPT selling limit?

I'm trying to part with one of my guns. A guy is interested in trading. However, he's mentioned that he's sold his limit of guns for the year.

Because this is a trade, would this still count against his limit? I assume yes because regardless on whether cash is being moved or not, a sale/transaction is still happening.

I'll call my LGS as well but wanted to see what you guys thought.