Balance of Payment –January to September 2012

During the January – September 2012 period, the current account deficit narrowed by US$119.7Mn to US$1,280.8Mn when compared to the corresponding 2011 period. The improvement in the current account resulted from all sub-accounts, with the exception of the services account.

 

The goods balance recorded a deficit of US$3,064.6Mn, representing a US$3.2Mn narrowing year-on-year as imports decreased by a larger amount relative to exports. The fall-off in imports was primarily due to the decrease in mineral fuels, while the decrease in exports came by way of lower alumina exports.

With respect to the services sub-account, there was a decline of US$18.2Mn during the period. Nevertheless, flows from official and private sources were not enough to finance the current account deficit.

Consequently, the NIR declined by US$708.3Mn; resulting in a 16% decline in the financial account to US$1,212.3Mn during the nine month period.