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March Trade Data On Tap

PHILIPPINES

Coming up shortly is Philippines Mar trade data. The market expects the trade deficit to be slightly wider at -$4400mn in terms of the consensus (the prior print was -3877mn). We remain above Q3 2022 lows for the deficit, which were around -$6000mn. For exports the market expects unchanged growth at -18.1% y/y, while for imports the forecast sits at -11.4% y/y, versus -12.1% prior.

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