AIRD says oil not the only problem

[NewsWhore]

The Dominican Republic Industrial Association (AIRD) is in agreement with the International Monetary Fund (IMF) in its concern about the growing deficit of government accounts, but it differs with many in that the industrialists also worry about the rate of new imports, which are much greater in volume compared to Dominican exports. According to AIRD president Manuel Diez Cabral, the DR's trade deficit is growing "at an alarming rate". Diez Cabral points out that much the deficit cannot be attributed to the increasing price of oil, especially since most oil comes from Venezuela and not the United States. Diaz Cabral said that, "research shows that we are dealing not only with an increase in imports but also the fact that exports are not stable, they are falling." Diez Cabral issued his comments to reporters from Hoy in response to a statement made by IMF executive Murilo Portugal who said that oil prices were responsible for the increasing trade deficit.

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