WB: Lockdowns abroad lead to drop in Philippines tradeThe World Bank said intermediate goods were the key driver of the drop in imports following foreign lockdowns, reflecting supply disruptions in backward global value chain participation. MANILA, Philippines — The imposition of domestic lockdowns at the height of the pandemic in 2020 did not cause a decline in trade, but restrictions from trading partners did, according to the World Bank. In a report, the Washington-based multilateral lender analyzed how international trade on various margins was affected by the Philippines’ own lockdown policies and those of its trading partners. “Our results reveal that domestic lockdown policies did not affect international trade in the Philippines. The researchers emphasized that restrictions on internal movements and international travel controls of trading partners were responsible for the drop in exports.

Source: Philippine Star January 29, 2022 03:07 UTC