The export downturn that began over a year ago is showing little sign of coming to an end. A big part of the reason for the current weakness has been the slump in commodity prices. Even if commodity prices don’t recover, the drag on the year-on-year export growth rate from lower prices should soon start to fade. But with global demand and a slower pace of regional integration also dragging on growth, exports are likely to remain weak for a while yet.
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