Expect PH Export Decline By 8.7%: UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) said that the Philippines export trade might decline by 8.7% in the 3rd quarter of 2020. The decline however, is lower compared to the 2nd quarter where it reached 29%.

According to a data from UNCTAD, Philippine export follows the global downtrend during the 3rd quarter of this year primarily due to the continuous threat of the coronavirus disease 2019 (COVID-19) pandemic.

Some east asian countries like China showed a superb growth of 8.8%, Vietnam with 10.9% and Taiwan with 6.4% export trade growth.

Meanwhile, the export of medical supplies, more specifically COVID-19 related materials skyrocketed during the month of May this year. Wealthier countries however, have greatly benefited from the export of the mentioned items. (MLC)