Diamond rebound fails to erase trade deficit

Friday, May 04, 2012

The rebound in rough and polished diamond exports in February was unable to stop the rolling trade deficits the local economy has experienced since October 2008, with latest figures pegging the imbalance at P600.8 million.

The trade imbalance or the difference between the level of the country's imports set against its exports, has been in the negative since the fourth quarter of 2008 when the global recession deflated diamond exports.

With diamond exports generally accounting for 70 percent of exports, trade deficits were recorded for all but two months since October 2008, eating into the country's foreign reserves and pressuring the value of the Pula.

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