The fundamental problem is the trade imbalance and what we can expect as an exportable service to balance against the net import of manufactured goods.

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Price parity is net of transportation costs and of import taxes both.

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Capriles said he will reverse land expropriations, which he says have ruined many farms and forced Venezuela to import food after previously being a net exporter of beef, rice, coffee and other foods.

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The Philippines has also seen its import bill rise, as has Indonesia, which became a net importer of oil in 2003, despite being the region's only member of the Organisation of Petroleum Exporting Countries.

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