Sao Tome and Principe’s trade deficit totals US$33.3 million in first half

17 October 2007

Sao Tome, Sao Tome and Principe, 16 Oct – Sao Tome and Principe has posted a trade deficit of US$33.3 million in the first half of the year, according to the archipelago’s National Statistics Institute (INES).

According to INES, the deficit seen in the first half was the result of total estimated exports of US$34.7 million and exports of US$1.4 million.

The deficit posted in the first half was an increase of 14.5 percent against the same period of 2006.

From January to December 2006, the trade deficit was US$64.3 million, resulting from imports of US$68 million and exports of US$3.7 million.

Despite the prospect of future oil exploration by the archipelago, the percentage increase of the trade deficit over the last few years is essentially due to a fall in exports of agricultural products, mainly cocoa, which is the basis of the country’s economy. (macauhub)