The latter was related to an increase in imports combined with a decline in exports. The increase in imports can be ascribed to higher international average oil and food prices. Meanwhile, exports dropped, as a result of among other things, a decline in re-exports by the freezone companies to particularly Venezuela.
Also, the fee for refining operations in Curaçao dropped significantly in 2010 because of the temporary shut-down of the refinery. Furthermore, oil storage fees received from abroad contracted as a result of a decline in oil storage activities. In contrast, foreign exchange revenues from the tourism industry rose.