Trade Account To Remain In Deficit

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BMI View: Uruguayan exports hit record levels in the first four months of 2007 at US$1.34bn, up 14.7% y-o-y, according to local media sources. In light of this strong growth, we are confident that total exports will reach our US$4.7bn forecast by year-end. However, with import growth set to continue apace we see the trade account remaining in deficit this year, and rising to US$1bn by 2008.