In 2002 the decline in the volume of exports coincided with an increase in the volume of imports. Despite a decrease in crude oil imports, the volume of total imports continued to increase in the first half of 2003. The terms of trade strengthened in both 2002 and the first half of 2003, while net dividend and interest payments declined.
All of you, as Sidwell Friends graduates and friends, clearly understand the value of a good education.