Lopez: Impact of Ukraine-Russia crisis on PH trade minimal

Trade and Industry (DTI) Secretary Ramon Lopez said possible disruption on the country’s trade with Ukraine and Russia will be minimal amid the crisis between the two nations.
“Offhand, less direct impact given our small trade with Ukraine, only around $200 million,” Lopez told reporters in a Viber message.
He said that despite the crisis, the country’s trade relations with Russia continues.
Lopez cited that top merchandise trade with Ukraine and Russia include wheat, oil, iron and steel, electronics, and agricultural products.
“But its disruption in the prices and supply chain of oil and key commodities like wheat, iron ore, and the high degree of uncertainties if such (a) crisis worsens are the factors that can impact global recovery efforts,” the DTI chief added.
The tensions in the Ukraine-Russia borders have pushed higher global oil prices as these borders are channels for Russian oil trade to Europe.
Experts also feared that the ongoing tension would drive higher inflation due to rising petroleum prices. (PNA)