The government declared that it may reimpose the duty on crude oil imports, its biggest source of Customs revenue before the levy was scrapped last year, as it looks for fresh revenue streams to rein in mounting fiscal deficit. For full story, click here
Nigeria, Africa’s biggest oil producer, will post a wider budget deficit of 3.02 percent of gross domestic product this year as revenue from crude exports dips. Finance Minister Mansur Muhtar stated: The projected deficit is higher than what it has been in recent years. For full story, click here
US trade deficit sinked in January 2009 to the lowest level in 6 years as a deepening recession cut demand for imported goods at an even faster rate than for exports. The slump in imports was led by a 25.2% dip in imported crude oil, which fell to USD 11.9 billion in January, the lowest [...]
Vietnam will cut imports of petroleum products by about 3 million metric tons next year as it seeks to curb the widening trade deficit. For full story, click here
According to the Ministry of Knowledge Economy and Korean Customs, the country accrued a whopping US$6 billion trade deficit this month alone, as of Aug. 20. A ministry official said: Crude oil is still being imported at over $130 a barrel. For full story, click here
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