The Philippines is expected to post a strong rebound in merchandise exports this year due to low base effects and resurgence of global demand as economies recover from the pandemic-induced slowdown.
In its latest trade outlook, market intelligence firm IHS Markit said the Philippines may post a 17 percent increase in exports this year, coming from a 10 percent contraction last year.
The firm’s latest forecast is way above updated government targets for goods and services exports at eight percent and six percent, respectively.
In April alone, the country’s exports jumped by 72 percent with a majority of export destinations already posting increments.
IHS Markit Asia-Pacific chief economist said the strong rebound in global economic growth in the first half has driven a significant upturn in regional merchandise exports.
Among the emerging markets in the region, Indonesia will see the strongest growth at 24 percent.