São Tomé and Príncipe reported a trade deficit of 620.1 billion dobras (US$28.1 million) in the first quarter of this year, according to figures accessed on Wednesday by Macauhub in São Tomé from the National Statistics Institute (INE).

The deficit was due to the fact that the value of exports was limited to US$ 1.7 million while imports reached US$29.9 million.

Figures provided by INE showed that between January and March, exports and imports declined by 15% and 6.6%, respectively, in relation to the nominal values in dobras (Sao Tome’s currency) recorded in the same period of 2016.

The deficit recorded in the quarter was down 6% on the same period of 2016, with the rate of import-export coverage at 5.9% (6.5% in the first quarter of 2016), added INE.

São Tomé and Príncipe’s trade with the rest of the world in 2016 resulted in a deficit of US$124.5 million, with imports amounting to US$134 million and exports to US$10.1 million. (macauhub)