NextGen Day

MANILA, Philippines – Secretary of the Department of Trade and Industry Ramon Lopez said the country’s trade with Ukraine and Russia will be minimally impacted by the situation between the two countries.

“Offhand, having it studied has less direct impact given our little trade with Ukraine, which is barely around USD200 million,” Lopez told reporters over Viber.

Despite the crisis, he claims that commerce with Russia has remained unchanged, despite the fact that it is ten times larger than trade with Ukraine.

Wheat, oil, iron and steel, electronics, and agricultural items are among the major merchandise traded with Ukraine and Russia, according to Lopez.

“However, disruptions in the prices and supply chains of oil and critical commodities such as wheat and iron ore, as well as the high degree of uncertainty if the crisis intensifies,” the DTI director warned, “may undermine global recovery efforts.”

As these borders serve as conduits for Russian oil traffic to Europe, tensions on the Ukraine-Russia border have driven up world oil prices.

Experts also predicted that the prolonged tensions would lead to increased inflation as oil prices rise.

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