Philippine trade plummets in March due to pandemic

Philippine exports and imports plummeted sharply in March due to disruptions caused by the COVID-19 pandemic, with merchandise exports dropping 24.9% year-over-year to $4.53 billion and imports falling 26.2% to $6.91 billion.

The decline reflects early impacts of the virus on major trade partners like China, Japan, and South Korea, leading to a significant reduction in export demand and supply chain disruptions affecting raw material arrivals for government construction efforts.

NEDA's acting Socioeconomic Planning Secretary Karl Kendrick Chua suggested that firms adopt digital technology and innovative approaches to continue operations and secure new markets, focusing on products catering to remote work needs and health equipment.