ERHC Energy Inc (ERHE)

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Sao Tome and Principe exports US$500,000 in cocoa in first quarter [ 2007-06-01 ]


Sao Tome, Sao Tome and Principe, 1 June – Sao Tome and Principe netted some US$500,000 from cocoa exports in the first quarter of 2007, which accounted for 96.1 percent of the country’s exports in the first quarter, according to the archipelago’s National Statistics Institute (INE).

INE added that between January and March revenue from cocoa exports rose 70 percent when accounted in dobras, the local currency, and that in terms of quantity there had been a rise of 43 percent.

In the list of exports from Sao Tome and Principe, following cocoa, are coconut and coconut oil, fish and flowers accounting for 1.9 percent, 1.1 percent and 0.9 percent of total exports, respectively.

In the same period of 2006, the value of exports was US$290,000, representing 96.4 percent of all exports.

On the archipelago, which relies on foreign aid to cover over 50 percent of its budgetary expenses, the economy is based mainly on the export of agricultural products and cocoa accounts for 27 percent of the country’s gross domestic product (GDP).

In 2006 the archipelago netted US$3.2 million with cocoa exports, which accounted for almost 99 percent of total foreign sales. (macauhub)