Imports slid by more than a tenth in February as shipments from China—the Philippines’ top source of foreign-made goods—contracted at the onset of the COVID-19 pandemic.
Preliminary figures released by the Philippine Statistics Authority on Wednesday showed that the country’s merchandise exports rose 2.8 percent year-on-year to $5.4 billion in February, but the value of imports fell 11.6 percent to $7.1 billion that month.The bigger slide in imports pulled down the total February trade volume by 5.9 percent to $12.5 billion from $13.2 billion a year ago.
The imports slump nonetheless narrowed the month’s trade-in-goods deficit by nearly four-tenths to $1.7 billon from $2.7 billion last year.In its report, the PSA attributed the lower imports in February to decreases in the top 10 major import commodities led by cereals and cereal preparations , industrial machinery and equipment and transport equipment .
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