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The Philippines' trade deficit fell to a new low in May, with exports sagging and imports outperforming...
...We see no reason to cheer the latter, as it is being driven mainly by commodity price effects.
The window to call time on the peso’s plunge is coming, as it’s looking overdone against the REER.
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capex, deficit, exports, fuel, imports, May, trade, trade deficit, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence