Stronger export volumes will be undermined by a weaker currency. Nevertheless, led by firming output in key sectors, notably phosphates and agriculture, as well as the boosting effect of higher oil prices on Senegal's refined exports, total exports in US-dollar terms rose in 2010, to US$2.1bn, and are forecast to edge up slightly in 2011-12. Higher prices may restrain import demand, but increased global oil and food prices in 2011 and mounting capital imports on the back of the government's investment programme should see the import bill reach US$4.7bn in 2011, easing to US$4.5bn in 2012 as prices fall slightly. Non-food imports may still increase in 2011-12, but improving agricultural output will help to reduce the food component. Tourism receipts are expected to increase modestly from a depressed base but will remain vulnerable to economic weakness in Western Europe from where they primarily originate. Senegal receives little in donor transfers, but remittances should continue to hold up relatively well despite the moribund labour markets in the US and the euro zone. The current-account deficit is expected to widen in 2011 to 10.6% of GDP, from an estimated 9.9% in 2010, before narrowing to 9.4% in 2012, despite higher capital imports, because of energy prices easing slightly, food import requirements falling and transfer inflows receiving a boost from additional Millennium Challenge Corporation disbursements. The benefits of the stalled Faleme iron ore project will not be felt until after the forecast period.