Sao Tome and Principe reduces trade deficit

Sao Tome 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 halfs 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, Sao Tome 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.

Sao Tome 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.