(i) Surpluses or deficits

(defi cit) for perio d

The foreign trade surplus was US 549 million.

Balance of payments in December 2001 exports US 1,006 million imports US  957 million, representing a surplus of US 49 million.

China's current account surplus and export growth have, indeed, fallen.

China, the world s growth superstar, has a huge current account surplus, which means that it is a net lender to the rest of the world.

That country has a trade surplus. It exports more than it imports.

Indeed, if foreign owned enterprises exports are deducted from the total trade volume, the surplus vanishes, because both the overall balance of merchandise trade and the balance of trade in services normally run deficits.

Unencumbered balance Balance of appropriation that is not utilized at the end of the financial period.

Expenditure (staff costs and field office costs) for the same period amounted to 8.8 million, leading to a surplus of 0.5 million in 2004.

Its trade balance is positive, and total public debt is not as high as it is in other countries.

Despite signs of a financial recovery since 1999 and a surplus of 35 million at the end of fiscal year 2001, the Territory's budget ran back into deficit in fiscal year 2003 ( 4.6 million).

If the payments balance is positive (a surplus), the transfer is a net outflow and is conventionally shown as a negative number. a

A positive times a positive is a positive.

According to the International Monetary Fund, the budget deficit is declining, and the primary surplus (net revenues minus interest payments) is growing.

The growth of OFDI had increased domestic production through reallocation of resources instead of hollowing out of domestic industries, which has a positive impact on the economy of the Republic of Korea.

The Agency ended the year 2004 with a deficit of 8.7 million on the original budget, but the difference between the actual cash income of 322.3 million and the actual cash expenditure of 308.3 million resulted in a surplus of 14 million in the cash portion of the regular budget.

At 31 December 2004, a cumulative surplus of the Tax Equalization Fund had reached 87.8 million.

The International Bank for Reconstruction and Development in particular has experienced net inflows since the early 1990s.

In his view, there were procedures in place to monitor the level of staff assessment and to adjust surplus balances at the end of any given year.

The fund balance as at 31 December 1993 reflected a surplus of 211,872.

However, if all the current and outstanding dues were paid by Member States to the Organization, it would have a cash surplus.

Russia is also thought to no longer need help because its economy and public finances are much improved, thanks to rising oil prices and a GDP growing at 6.5 per annum.

Germany s exports exceeded its imports by nearly 200 billion in the past twelve months, a surplus equivalent to nearly 6 of GDP.

Indeed, Russia is running fiscal and current account surpluses of 2 and 17 of GDP respectively.

With regard to closed missions that were in a position of net cash surplus, the unencumbered balances should not exceed 27 million, which was the only amount available to the Organization for cross borrowing, should that practice again become necessary.

Partly by design and partly by chance, about a decade ago China found itself consistently accumulating large amounts of foreign reserves by running a trade surplus and intervening to buy up the dollars that this generated.

The audited financial statement for the same period shows a surplus balance of 5,330,932, an increase of 221,133 from the surplus balance previously reported.

Surpluses in the Tax Equalization Fund would be offset against contributions due from the Member States concerned, as provided for in rule 105.5 of the Financial Rules.

China, the world s growth superstar, has a huge current account surplus, which means that it is a net lender to the rest of the world.

Though the agency experienced a positive cash flow this year, water and sewage problems continue to frustrate residents.

The result of the actuarial valuation as of 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

trade

Surplus balance

obligations FUND BALANCE

But John Maynard Keynes pointed out that surpluses lead to weak global aggregate demand countries running surpluses exert a negative externality on their trading partners.

The result of the actuarial valuation as at 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

Developing countries in the aggregate were running a large current account surplus in 2004, equivalent to 2 per cent of their gross domestic product (GDP).

Instead of the recurring budget deficits of the previous decade, a budget surplus of 1.7 per cent of the gross domestic product (GDP) had been achieved in 2005.

Net surplus balance

Decrease in fund balances

With imports still growing strongly and commodity prices beginning to fall as a result of the world slowdown, Argentina s large trade surplus is disappearing quickly.

China found it useful to run a large trade surplus, using a very high rate of internal savings and inward foreign investment to support its industrialization and rapid growth.

To maintain growth, they need a nominal and real depreciation of their currency to reduce their trade deficits. But over saving countries such as China, Japan, and Germany that were running current account surpluses are resisting their currencies nominal appreciation.

Meanwhile, the trade surplus is rising again, in part because China is dumping its excess supply of goods such as steel in global markets.