China Imports Down by 62%

Shipments from China registered a marked decline in the first 15 days of February on account of the lower production and deliveries amid the COVID-19 outbreak.

Data released by Finance Secretary Carlos Dominguez III showed that the number of twenty-foot equivalent unit containers from China fell by 62 percent in the first half of this month to 11 percent.

Dominguez earlier said they were “concerned” on the imports data from China but cited “we believe that the slack will be taken up by the other markets.”

He also said this development will impact on Bureau of Custom’s revenues.

Dominguez further said retail sales are also down since people now limit their time outside their homes and this will affect revenues of the Bureau of Internal Revenue. He assured the public that the government has fiscal and monetary measures in place to address any impact of the virus on the domestic economy.

Source: https://www.pna.gov.ph/articles/1094295

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