Trade chief tempers 2019 export hopes

11 Dec 2019
THE DEPARTMENT of Trade and Industry (DTI) now expects overseas sales of Philippine goods to remain at last year’s level, reflecting a potential improvement from last year’s drop but still short of the already-tempered target set last July by state economic managers.
In his keynote for exporters’ annual summit at the Philippine International Convention Center in Pasay City on Friday, Trade Secretary Ramon M. Lopez said: “We expect merchandise export performance to be flat and service exports to post moderate single-digit growth leading to total exports achieving positive moderate single digit growth for 2019.”
In July, the Development Budget Coordination Committee cut its merchandise export sales projection to two percent for this year from six percent previously “due to slower global growth” and maintained the previous six-percent annual outlook for 2020-2022. Service export growth assumption was cut to nine percent for this year from 10% and set also at nine percent from 11% previously for 2020-2022.
DTI’s Export Marketing Bureau had said in October that it expects merchandise export sales to increase 1-3% this year, from four percent previously.
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