Togo's current-account deficit-after widening to an estimated 7.7% of GDP in 2010 as import growth outstripped export growth-will remain large during the forecast period, as demand for foreign goods and services will outstrip the country's earning potential. Exports will benefit in 2011 from the highest cotton prices for 15 years and an expected increase in production, but the sector will take years to rebuild after a long period of neglect. Earnings from phosphates will increase towards the end of the forecast period, provided new investment is forthcoming. Re-exports (which account for about one-fifth of total exports) will benefit from ongoing investment in the port and road infrastructure, as well as the diversion of traffic from Côte d'Ivoire. Import demand will remain robust in 2011-12, spurred by economic growth and donor-funded capital projects, putting pressure on the trade deficit. Earnings from remittances and servicing regional trade will remain a vital part of the balance of payments, and tourism also has medium-term potential, but the current-account will remain under strain. We expect the deficit to remain around 8% of GDP in 2011, before declining to 7% of GDP in 2012 as import growth slows.