DATA from the National Statistics Office last year show that our exports, $37.2 billion, were almost equal to our imports, $37.5 billion.  The trade deficit was a tolerable 1.8 percent.  This is fine, as the huge trade deficits in the past were at the roots of the present debt crisis.  Technocrats of past administrations tried to tame the balance of payments crises in the last three decades through endless foreign borrowings.

But, is the country now enjoying a balanced trade?

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