Higher import, export growth seen for 2010

ECONOMIC MANAGERS have become more optimistic about this year’s trade prospects -- a view supported by latest data -- but top exporters are tempering their expectations given continued global uncertainty.Officials said the interagency Development Budget Coordination Committee (DBCC) on Friday approved a recommendation to raise this year’s export and import growth targets, ahead of yesterday’s announcement of a 37.3% export surge in May.

The government now expects 2010 outbound shipments to grow by 15% to $43.1 billion, up from the 12% forecast (equal to $42 billion) approved last month, a DBCC document obtained by BusinessWorld showed.The 2010 import growth target, meanwhile, was raised to 20% from 18%, or $55.7 billion from $54.7 billion previously.

The latest assumptions mean a projected trade deficit of $12.6 billion this year, the widest since 2000 but narrower than the initial forecast of $12.7 billion. The trade gap was $4.7 billion in 2009.The Philippines last recorded a trade surplus in 2000, amounting to $3.6 billion.

Source: http://www.bworldonline.com/main/content.php?id=14180