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Macro Update - Trade deficit improves

The trade deficit improved strongly. December’s trade deficit was the lowest we have seen since December 2006. This month’s trade deficit is estimated at USD700mn, a sharp improvement from December 2010’s USD1,286mn. For the full year, the trade deficit is estimated at USD9.5 billion down c.25% compared to last year’s USD12.6 billion. Excluding gold transactions in both years, the trade deficit would have improved by c.30% from USD14.2bn in 2010 to USD10 billion this year. The trend can also b