The Philippines will see a higher increase than the expected uptick in exports of China, South Korea, Malaysia, Vietnam and Thailand, estimates market intelligence firm IHS Markit.
The firm’s chief economist said rapid growth of Asia-Pacific exports would also be strengthened by a wide range of bilateral and multilateral trade liberalization initiatives that have either been implemented or are planned in the region.
While improvement in the export of goods will be much faster, the same cannot be said in the export of services.
The firm emphasized the region should expect a more protracted and gradual recovery path for trade in services for many economies.
This is amid the resurgence of COVID-19 cases in some countries, which will still make international travel a major impediment to recovery of tourism in the region.
It added, “Tourism and commercial aviation sectors are expected to have more gradual recovery paths.”