Philippines imports declined 34.5% annually in January compared to a 34% drop in the previous month, a report by the National Statistics Office said Wednesday. Total imports declined to US$3.27 billion from US$3.3 billion in the previous month.

In January, import of electronic products, accounting for 40% of total import bill, dropped 43.3% annually to US$1.3 billion, after declining 46.1% in December.

Meanwhile, total exports fell 40.6% year-on-year to US$ 2.51 billion in January. The trade deficit declined slightly to US$ 759 million from US$ 762 million in the previous year.

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