6 And their exports of intermediate products are linked to their trading partner’s trade performance. For example, when we export machinery to the United States, it is an efficiency-enhancing input into their exports. Benefits from opening trade may also come from increased competition.7 This is the result of both opening one’s home market to imports and gaining access to foreign markets.
The country’s BOP in September in fact posted a surplus of $ million, a reversal from the previous months’ deficit. While we project an overall BOP deficit for 2017, we expect this to remain at less than 1 percent of GDP. This is something that can readily funded given the large level of international reserves, our other external liquidity buffers, and our market access.