PS Crap - yes, there are reasons why the trading balance can't run into a positive balance:
(a) Disproportionate consumption of oil - this accounts for around 45% of total imports. Those oil imports also mean a 50% consumption of the world's oil production - to service 5% of the world's population? Not sustainable.
(b) Disproportionate consumption of foreign product, combined with, presumably, an inability to manufacture that product within the country.
(c) Weak manufacturing base and not capable of matching production for export to match the level of consumption of imports.
Plus plenty more...
|