The Philippines’ base oils and lubricants imports fell to a five-month low in July amid a sustained slowdown in shipments from Singapore.
Base oils and lube imports of little more than 14,000t in July fell from more than 16,400t in June and by 34pc from year-earlier levels, government data showed.
The year-on-year contraction was the fifth in a row and the largest in more than two years.
The sustained dip in base oils and lube imports coincided with slowing economic growth and interest rates at their highest in more than a decade.
Imports from Singapore fell by 44pc in July and for the seventh time in eight months from year-earlier levels.
Imports from South Korea rose by 12pc in July and for the fifth time in six months.
