In 1998, iron ore contributed 56% to export revenues, while export revenues from fish products amounted to about 37% of the total that year. Exports of fish decreased from $268 million in 1987 to $151 million in 1998, due to overexploitation, while iron ore exports rose from $133 million in 1987 to $217 million in 1998, but are expected to decline because of lowered demand. Leading imports were foodstuffs ($94 million), consumer goods, petroleum products ($81 million) and capital goods ($71 million). Principal trading partners in 1998 (in millions of US dollars) were as follows:
COUNTRY | EXPORTS | IMPORTS | BALANCE |
Japan | 91 | 19 | 72 |
France | 85 | 156 | -71 |
Italy | 79 | 17 | 62 |
Spain | 53 | 40 | 13 |
Belgium | 36 | 52 | -16 |
Germany | 22 | 43 | -21 |
United Kingdom | 13 | 14 | -1 |
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