THE lockdowns imposed by the country’s trade partners caused more damage to the country’s external trade performance than the local lockdowns imposed by the national government, according to a study by World Bank economists.
“Our results reveal that domestic lockdown policies did not affect international trade in the Philippines; instead, exports and imports plunged due to external lockdowns,” the economists said in the paper. “Overall, the lockdown had a larger effect on imports than exports.” The authors also said a number of products were the key drivers of the lackluster performance of the country in terms of exports and imports.
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