RemittancesGateway.org

Liberia’s Foreign Remittances, Trade Increase in First Quarter

Tuesday, 06 July 2010 15:12

Liberia’s foreign remittance inflows rose $19.5 million to $234.8 million in the first quarter, compared with the last three months of 2009, the Central Bank of Liberia said in an e-mailed bulletin released Monday.

The West African nation recovering from 14 years of civil war that ended in 2003, reported foreign trade increased 13 percent to $162.7 million in the first quarter, from the fourth quarter of 2009.

Total export proceeds were $55.1 million and import expenditures were $107.6 million, leading to a trade deficit of $52.5 million in the first quarter of 2010.

“The persistent trade deficit position of the economy suggests that there is a need for diversification of the export sector with emphasis on active logging, iron ore, cocoa and coffee activities,” the Monrovia-based bank said.