Trade of goods to and from the country fell 11.1 percent to $13.4 billion in January from $15.08 billion a year ago as both exports and imports contracted—a sign of slow economic recovery at the start of the year.
The Philippine Statistics Authority’s (PSA) latest preliminary report released on Friday showed total trade on January shrank at a faster pace than December 2020’s 4.2 percent year-on-year while reversing the 1.5-percent growth posted a year ago.
Merchandise exports declined 5.2 percent year-on-year to $5.49 billion, a reversal of the 1.7-percent and 9.4-percent growth posted a month and a year ago, respectively.
The PSA said the major export commodities that suffere…
Keep on reading: Exports, imports still in a slump in January