Macroeconomic Forecast EL SALVADOR

El Salvador's long-standing structural deficit in its balance of goods trade is likely to expand in the coming months. While import and export growth has historically moved in sync, in the past three months, a growing divergence has become apparent with import growth accelerating as export growth slows. If this continues we should expect to see a larger trade deficit by end-2011. This trend is in line with our forecast for the trade deficit to grow from US$408mn in 2010 to US$431mn in

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