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Ivory Coast
Index
Between 1950 and 1975, Côte d'Ivoire had far fewer
problems
with its balance of payments than did most other African
states
(see
table 7, Appendix). Exports increased at a faster
rate than
the gross national product
(GNP--see Glossary), with real
expansion
averaging 9 percent per year from 1962 to 1975. Until 1978
the
balance of trade was invariably positive. Export earnings
from
coffee and cocoa rose consistently as production grew, and
earnings
surged when world market prices for coffee and cocoa
increased. In
the boom period from 1974 to 1977, export earnings soared,
peaking
in 1977 with a record trade surplus of almost CFA F100
billion.
In 1979 lower prices for coffee and cocoa, coupled with
higher
prices for imports, especially crude oil, sharply cut the
trade
surplus to what was then an unprecedented CFA F1.880
billion. In
subsequent years, as the volume of exports rose
(notwithstanding
weaker coffee and cocoa prices) and as government-imposed
austerity
measures cut imports, trade surplus figures stabilized at
about CFA
F30 billion a year.
Data as of November 1988
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