|
Balance of Payments
Main Indicators of Balance of
Payments (US $m)
| Items |
2003 |
2004 | |
Exports of goods and services |
3,283 |
2,954 | |
Imports of goods and services |
3,778 |
3,938 | |
Resource balance | -494
| -984
| | Net income
| -568
| -459
| | Net current
transfers | 1,297
| 1,306
| | Current account
balance | 234 |
-137 | | Financing
items (net) | -614 |
211 | | Changes
in net reserves | 380 |
-74 | | Source:
World Bank, country data, Yemen Yemen's
global merchandise trade relationships:
Yemen's
principal export destinations, 2003
1. China: 28.3%
2. Thailand: 18.1%
3. India: 13.9%
4. South Korea: 10.4%
5. Malaysia:
5.1%
6. Australia: 0.4% Yemen's
principal import sources, 2003
1. United Arab Emirates: 13.6%
2.
Saudi Arabia: 10.8%
3 China: 9.4%
4. United States: 5.2%
5. Kuwait:
4.7%
6. Australia: 1.6% Source:
Market Information and Analysis Section, DFAT, Yemen
Despite
the exposure of our country to many difficulties and terrorist acts and the limited
and scarce resources, Yemen has accomplished significant achievements that enhance
confidence in the Yemeni economy. This reflected itself, particularly, on Yemen
transactions with the rest of the world during 2003. Many international institutions
and organizations commended those achievements.
The balance of payments
is compiled in accordance with the 5th edition of the IMF balance of payments
manual (BPM5).Preliminary data of 2003 indicate that the overall balance of payments
realized a surplus of US$335.6 million, against a surplus of US$597.4 million
in 2002. The ratio of the overall surplus to GDP amounted to 3.0% in 2003, against
5.8% last year. As a result, gross own foreign reserves of the Central Bank increased
from US$4290.2 million at the end of 2002 to US$4734.6 million at the end of 2003,
covering 14 months of imports.
The surplus in the Balance of Payments is attributed
to the surplus in the current account, which amounted to US$148.7 million in 2003,
against US$443.4 million last year. The ratio of the current account to GDP decreased
from 4.3% to 1.3% during the same period. On the other hand, surplus in trade
balance decreased from US$601.9 million in 2002 to US$376.9 million in 2003, attributed
to the increase in imports. Deficit in services balance increased by 1.0% and
in income balance by 11.0%. Current transfers (net) increased by 2%. The capital
account realized a surplus of US$30.6 million in 2003 against a deficit of US$16.5
million in 2002. For more analysis, the main indicators and items of Balance of
Payments shall be discussed hereunder. |
