Dr. Andre Gordon
International trade expert and managing director of Technological Solutions Limited, Dr. Andre Gordon, says the government and private sector must work together and develop a national production and export strategy to reduce the trade deficit.
The trade deficit - the difference between the value of physical imports, such as oil, food, raw materials, and capital goods, and physical exports, such as manufactured items and bauxite and alumina - jumped to US$3.7 billion during the first seven months of this year compared with US$3.5 billion during the same period of last year.
This was after imports climbed by 4.4 per cent to US$4.72 billion from US$4.5 billion last year, while exports fell by 5.5 per cent to US$993 million from US$1 billion last year.
Dr. Gordon stressed that this national production and export plan is long overdue, and extremely urgent, given the current global crises which have resulted in a steep fallout in earnings from the services sector and an increase in the price of oil and other raw materials.
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