COVID-19 Could Wipe Off $300-M Trade of China-dependent PH Factories

With local factories still dependent on the input of coronavirus-hit China, a United Nations body dealing with trade issues sees Philippine exports cut by about 300 million dollars this year.

The Philippines placed 18th among economies most affected by the impact of COVID-19 that has forced lockdowns and business closures in many parts of China, the world’s second biggest economy, according to the United Nations Conference on Trade and Development.

The impact would be felt across different manufacturing sectors in the Philippines—from automotive, whose exports could fall by 22 million dollars, to the most vulnerable sector, communication equipment, which could have the steepest decline in exports by 115 million dollars. 

China’s Purchasing Manager’s Index, which provides a picture of how factories are coping, fell to 35.7 in February from 50 in January, its lowest since 2004.

Source: https://business.inquirer.net/291920/virus-could-wipe-off-300-m-trade-of-china-dependent-ph-factories

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