Exports plunge faster

The decline in such shipments to $2.49 billion in January from $4.23 billion a year ago was steeper than the 40.3% drop recorded in December last year, as recession took hold of the Philippines’ key markets in the West.

On a monthly basis, the drop last January was 6.8%, compared to a bigger 23.9% slump in December last year. Exports are a major driver of the economy, equivalent to a third of gross domestic product last year.

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