DILI, 13 february 2024 (TATOLI) – The large gap between exports and imports concerned the National Statistics Institute (INE). Last year alone, Timor-Leste’s trade deficit hit US$750 million.
According to the President of INE, Elias Ferreira, this negative trade balance showed how the country has heavily relied on imports.
“Of the US$910 million in imports, the value of the basic consumer goods was US$812 million, and the rest were cars, fuel, electronic equipment, and construction materials. These imports come mainly from Indonesia, China, Singapore, Taiwan, India, Malaysia, Hong Kong, Vietnam, Australia, and the United States of America,” Ferreira told Tatoli, in Dili.
Meanwhile, the value of exports of Timor-Leste amounted to only US$160 million in 2023, meaning that it was very low.
“Our economy is out of balance because imports are much higher than exports. This is because we are dependent on imported products. To reverse the figures, we have to increase our investment in the productive sector, especially in the agriculture sector as since 2019 we have been exporting mainly coffee, candlenuts, yams, and dried coconut pulp,” he said.
According to INE data, last year Timor-Leste exported: 5,848 tons of coffee, equivalent to US$14 million, 1,700 tons of candlenuts, equivalent to US$477, 1,394 tons of dried coconut pulp, equivalent to US$383,000, 180 tons of yam, equivalent to US$131 thousand and 2,106 tons of aluminum equivalent to US$33,000.
Journalist: Camilio de Sousa
Editor: Filomeno Martins
