Exports plunge faster
Wednesday, March 11th, 2009
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.
