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For the first half of 2002, exports were down 2.8%compared with the same period in 2001, reflecting Lower oil demand and prices. Imports, however, recorded a larger decline of 3.6%, leading to a narrower trade deficit of US$3.2 billion for January-June2002 against US$4 billion for January-June 2001.Exports are likely to pick up towards the end of the year as the US recovery becomes more firmly established. This will also be accompanied by a rise in imports, mainly of capital goods and intermediate inputs. For the year as a whole, the trade deficit is projected to reach US$8-9 billion (US$9.9 billion in 2001). The current account deficit for 2001 was US$17.8 billion (2.9% of GDP), marginally lower than that recorded in 2000 (US$18 billion or 3.1% of GDP).
Approximate Word count = 415
Approximate Pages = 1.7
(250 words per page double spaced)
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