PSA Releases Details on PH Export, Import Performance
PSA – The Philippine Statistics Authority spoke on the performance of the Philippines in the export and import amid the COVID-19 crisis.
The world was faced with huge changes and different settings starting 2020 – when the COVID-19 virus reached several countries and territories. Even the World Health Organization (WHO) which declared it a pandemic was alarmed by how fast the disease spread.
In the pursuit to arrest the spread of the virus, several nations temporarily locked their boarders. It affected not only the travelers but as well as the export and import of goods between countries. Meanwhile, the restrictions were for the common good of the people.
The closure of borders led to a drop in the trade in goods. One of the countries that experienced the drop was the Philippines. Meanwhile, there are progress now in the said field.
Based on a report in Inquirer, the Philippine Statistics Authority (PSA) recently revealed a good news on PH’s performance on the export and import of goods amid the COVID-19 crisis. Both the export and the import rose in the first quarter of 2021.
According to PSA, from January to March, a 7.6% growth was noted on the exports of the Philippines bringing the total to $17.6 billion. Based on the report, the office said that the growth is mainly caused by the shipments of mineral products, manufactured goods, and chemicals.
With regards to the import of the country, it is up by 3.2% to $25.6 billion in the first quarter of 2021. According to PSA, the top products in the import field are food and live animals, telecommunication equipment, electrical machinery, and mineral fuels and lubricants.
According to Security Bank chief economist Robert Dan Roces, the performance of the country on exports may be maintained as there are new orders. With regards to the imports, he said that it may “soften” considering the stricter community quarantine measure in the NCR Plus. He expressed that it could increase even more if the economy is open.
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