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Sao Tome and Principe inherited an economy based exclusively on agriculture and the production and export of a single crop, cocoa. A long period of decline in the world price of cocoa, combined with increased import prices, put severe strains on incomes and living standards. Sao Tome has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Sao Tome is optimistic about the development of petroleum resources in its territorial waters in the oil-rich Gulf of Guinea. The industries in the country include fish processing, construction, soap, textiles, timber and beer. Export commodities are coffee, cacao, palm oil and copra.