Trade deficit contracts in August

Sunday, 27 October 2013 - 19:44

Trade+deficit+contracts+in+August+++

 

Favourable developments in the external sector continued in August, with a sharp contraction of the trade deficit.

Earnings from exports increased for the third consecutive month in August, reflecting gradual recovery in the global economy, while expenditure on imports declined.

Accordingly, the cumulative trade deficit contracted further during the first eight months of 2013, improving the current account of the Balance of Payments.

 

Consequently, the trade deficit contracted by 24.2 percent to 698 million dollars during the month.



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