High imports feed deficit

Balance of Trade posts $13.6 billion in deficit during first ten months of 2011

The balance of trade posted a $13.6 billion deficit during the first ten months of the year, according to figures released by the Higher Customs Council. The trade deficit during the period extending from January to October 2010 was around $11.2 billion.

Imports of goods grew by 15.3 percent in the first ten months of 2011 compared to the same period of last year. The value of imports totaled $16.9 billion over the covered period.

Total exports rose by 3.9 percent from the same period last year to $3.6 billion.

The value of our exports of vegetable products at end-October stood at $136 million, up from $123 million for the corresponding period of 2010. Exports of prepared foodstuffs totaled $307 million over the covered period, higher than last year’s $271 million.

Exports of machinery and mechanical appliances totaled $444 million at end-October this year, down from $628 million compared to the corresponding 2010 period.

Between January and October 2011, mineral products lead imported goods with a 23 percent share of total imports. Machinery and mechanical appliances, and pearls and precious and semiprecious stones followed with respective shares of 10.6 percent and 10.4 percent.

Imports from the United States counted for 10.6 percent of the total. Italian imports came next with around nine percent of total imports. China and France followed with respective shares of eight percent and 7.5 percent.