ASEAN KEY DESTINATIONS
Unescap sees weaker exports next year
For the first 10 months, the National Statistics Office (NSP) reported that export earnings increased by 37.1 percent to $43.047 billion from last year's $31.397 billion.
The forecast for Philippine exports next year is lower than Malaysia's 8.01 percent and Thailand 7.83 percent, but better than Singpore's 6.32 percent and Indonesia's 7.02 percent.
"Exports are forecast to grow at a slower rate in 2011 due to volatilities and uncertainties in world markets," Unescap said.
Exports from the developing economies of the Asia-Pacific region will grow by 10.5 percent in 2011, with China and India showing particular growth.
Unescap pointed to threats to sustained export growth, including financial instability and high public debts in various developed countries, as witnessed by the bailout of Greece and Ireland.
Other downside risks for Asia-Pacific trade are the continued stagnation in consumer demand in Europe,
Japan and the US coupled with the adoption of austerity programs in various countries; the risk of regional currency wars; and uncertainties in international trade rules.
"This shows the increasing importance for the major Asian economies to stimulate domestic demand while simultaneously pursuing economic and trade diversification to increase their resilience and ability to increase intra-regional trade," Unescap said.
Philippine economic managers earlier warned of a slowdown in exports next year because of the weakness of the country's traditional markets and the strong peso.
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