year, and have recovered and even surpassed aggregate imports prior to the start of the civil war in 1991. Exports, which total about $270 million annually, have also surpassed pre-war aggregate export levels but still lead to a trade account deficit of about $190 million US dollars per year. However, this trade deficit is far exceeded by remittances sent by Somalis in the diaspora, which have helped sustain the import level. With the advantage of being located near the Arabian Peninsula, Somali traders have increasingly begun to challenge Australia's traditional dominance over the Persian Gulf Arab livestock and meat market, offering quality animals at very low prices. In response, Persian Gulf Arab states have started to make strategic investments in the region, with Saudi Arabia building livestock export infrastructure and the United Arab Emirates purchasing large farmlands. Additionally, fishing fleets from Europe and Asia have reached commercial fishing agreements in the northern Puntland region. With Somalia exporting 3 million sheep in 2012, its live exports to the Middle East have overtaken Australian exports which numbered 2 million. According to the Australian Bureau of Agricultural and Resource Economics and Sciences, 99% of the country's livestock exports are headed to the Middle East. However, since 2006, there has been a 10% decline "because of increasing competition in export markets from African and eastern European sheep exports". More than 5 million livestock were exported in 2014, the highest amount in 20 years. Neighbouring Somaliland is also home to some of the largest livestock markets, known in Somali as seylad, in the Horn of Africa, with as many as 10,000 heads of sheep and goats sold daily in the markets of Burao and Yirowe, many of whom shipped to Gulf states via the port of Berbera. The markets handle livestock from all over the Horn of Africa. Frankincense and myrrh are important export products for Somalia. Along with Ethiopia and Kenya, Somalia is one of the world's three largest suppliers of these products. Manufacturing The modest industrial sector, based on the processing of agricultural products, accounts for 10% of Somalia's GDP. Prior to the outbreak of the civil war in 1991, the roughly 53 state-owned small, medium and large manufacturing firms were foundering, with the ensuing conflict destroying many of the remaining industries. However, primarily as a result of substantial local investment by the Somali diaspora, many of these small-scale plants have re-opened and