The Central Bank (CB) expects exports to continue to increase during the remainder of 2009 and into 2010, notwithstanding the uncertainties on the continuation of GSP+ concessions. In a CB press release this week on the external sector performance for August 2009, earnings from exports reached US$710 million in August, recording the highest monthly value thus far in 2009. Textiles and garment exports rebounded by 8.5%, year-on-year, recording US$324 million in August 2009, recording the highest earnings by the sector during the year.
The trade deficit contracted by 76.9% for the eighth consecutive month in August 2009 to US$116 million, recording the third lowest trade deficit during the last five years. The CB also announced that workers' remittances increased by 9.9% to US$2,195 million during this period.
As a result, remittances during the first eight months of 2009 were US$568 million (about 35%) in excess of the trade deficit.
The gross official reserves, with and without Asian Clearing Union (ACU) funds, were US$4,045.2 million and US$3,890.1 million, respectively by end August 2009. This includes short-term net inflows to the Government Treasury bills of US$212.7 million and Treasury bonds of US$797.5 million.
Based on the previous 12 month average imports (US$888 million per month), the gross official reserves, with and without ACU funds, were equivalent to 4.6 and 4.4 months of imports, respectively. |
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