afrol News, 17 October - São Tomé and Principe has recorded a trade deficit of US $33.3 million in the first half of 2007, the country's National Statistics Institute (INES) report.

This was exacerbated by the result of the first half's total exports and estimated exports of US $1.4 and US $34.7 million, respectively, the national statistics said.

The deficit showed a 14.5% increase over the results of the 2006 during the same period.

Between January and December last year, São Tomé and Principe's trade deficit was escalated to US $64.3 million. Economic experts attributed the development the low exports and high imports figures which respectively stood at US $3.7 and US $68 million during the period.

São Tomé and Principe mainly depend on agricultural exports to wheel its economy, which was why a sharp fall in agricultural exports over the years left huge trade deficit on the country‘s economy.

By staff writer

© afrol News

Related pages and feature

Current afrol News Top Stories