The Philippine government has reduced its trade projections for this year after two-digit declines in imports and exports were reported in April. The Interagency Development Budget Coordination Committee slashed expectations to just 1% growth in exports and 2% in imports for 2023, compared with previous estimates of 3% and 4% respectively. The committee cited “the trend in near-term global demand outlook and trade prospects” for the downward revision. from 2024 to 2028, exports are predicted to stabilise at 6%, with imports rising to 8%. The initial outlook led an analyst to describe the start of the second quarter as “abysmal”.
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