Exporters warned to prepare for ‘challenges’ arising from Iran war

THE Department of Trade and Industry (DTI) warned exporters to prepare for a more challenging environment in the wake of the fighting in Iran, including foreign exchange volatility and destination markets possibly imposing new requirements in order to admit foreign goods.

In a statement Sunday, the DTI said export performance could be dampened by the Iran war after a solid performance in April.

Export sales rose 6.3% to $7.21 billion in April, mainly driven by electronics, minerals and agro-based products.

In the first four months, total exports amounted to $26.93 billion, up 11.14%.

“As international trade environment continues to evolve, it is important that our exporters are prepared to adapt to new requirements and challenges,” Trade Secretary Ma. Cristina A. Roque said.

“We continue to collaborate closely with industry partners, the private sector, and international organizations to help Philippine exporters become more competitive, market-ready, and globally connected,” she added.

It said the Export Marketing Bureau is will continue implementing capacity-building workshops to boost exporter readiness.

The EMB is also helping micro-, small- and medium-sized enterprises access new markets through Halal certification assistance, trade fairs, business matching activities, and business missions, it said.

“The DTI continues to monitor global developments that may affect trade and supply chains, and work closely with industry stakeholders to strengthen market diversification efforts and support exporters in navigating global uncertainties,” it said. — Beatriz Marie D. Cruz