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TL’s trade deficit increased from US$746 million in 2023 to US$787 million in 2024

TL’s trade deficit increased from US$746 million in 2023 to US$787 million in 2024

The President of INETL, I.P., Elias Ferreira/Image TATOLI

DILI, 17 january 2025 (TATOLI) – Timor-Leste goods and services trade deficit increased from US$746 million in 2023 to US$787 million in 2024, as imports increased and exports decreased, according to the report of Timor-Leste National Institute of Statistics, I.P. (INETL, I.P).

The significant increase in the negative balance of trade (BOT) shows that Timor-Leste imported more goods in 2024 than in previous years, making Timor-Leste one of the most dependent countries on imported goods in the world. 

The value of Timor-Leste’s imports in november 2024 reached US$868,952,829, compared to the value of the country’s exports in the same year, which was just US$80,977,568.

The items imported by Timor-Leste in 2024 included animals, food and beverages, fuel, vehicles, nuclear reactors, electrical machinery and electronic products and equipment, construction materials, tobacco, minerals, pharmaceuticals, perfumery, cosmetics, chemical products, plastics, as well as, machinery, and technology and so on.

These items were imported mostly from a number of countries, including Indonesia, India, China, Thailand, Pakistan, Viet Nam, Cambodia, Myanmar, the United States of America, Singapore, and so on.

Meanwhile, in 2024, Timor-Leste mainly exported Coffee, Candle nut, dry coconut, konjac and aluminum to countries like the Netherlands, Australia, Canada, Switzerland, China, Germany, United Kingdom, Indonesia, India, Japan, South Korea, New Zealand, Philippines, Portugal, Singapore, Taiwan, United States of America and so on.

Many argued that if Timor-Leste’s trade deficit continued to increase in the coming years, it would affect the country’s employment and economic growth.

According to the President of INETL, I.P., Elias Ferreira, the trade deficit is the result of Timor-Leste’s dependence on goods imported from other countries.

Ferreira emphasized the importance of increasing local food production, such as rice, in order to reduce rice imports, since last year Timor-Leste imported more than US$90.2 million worth of rice.

Timor-Leste’s goods and services deficit has been increasing in recent years. This is due to the country’s reliance on imports to rebuild its infrastructure, and a decline in exports due to depletion of hydrocarbons.

It’s recalled that Timor-Leste’s trade deficit widened from 34% in 2022 to 43% in 2023.

 

Journalist: Camilio de Sousa
Editor: Filomeno Martins 

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