MANILA, Philippines - Philippine exports are expected to further weaken this year, according to a new United Nations report.
The Asia-Pacific Trade and Investment Report 2012, released on Thursday, warned of the re-emergence of the global economic crisis.
The report noted global trade is not expected to quickly recover in 2013.
"After the initial promising signals of a recovery in
2010, exports from Asia and the Pacific are again
facing a risk of deceleration. The intensified
pressure in the euro zone and the rising threat from
a slowdown in the emerging economies has raised
the fear of a re-emergence of the global crisis," the report said.
The report noted the growth of exports in developing Asia and the Pacific, in real terms, is expected to drop from 6.5% in 2011 to 2% in 2012, while import growth is projected to fall from 9% to 3% during the same period.
In particular, the report projects Philippine exports to grow by 10.1% in 2012 and slow down to 4.3% in 2013. For imports, it estimates growth at 4.3% in 2012 and 2.3% in 2013.
This is lower than the government's estimates. The BSP's growth forecast for 2012 to 8% and 7% for exports and imports respectively. For 2013, the government is targeting 12% growth for exports and 14% growth for imports.