Record decline for Philippine imports in January

MANILA, Philippines- Philippine imports in January dropped by a record low, reflecting the worsening downturn in the global trade.

The National Statistics Office on Wednesday reported that imports contracted 34.5 percent, an all-time low, following December’s 34-percent slide.

The contraction in Philippine imports started in October last year, when imports slipped 11.13 percent. In November, imports started slipping by a third, when it posted a decrease of 31.52 percent.

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