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

The foreign trade surplus was US 549 million.

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.

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

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

To be sure, China has accumulated an enormous balance of payments surplus, which indicates that the renminbi is greatly undervalued.

(i) Surpluses or deficits

English Page 12. During 1991 92, Pitcairn continued to show a surplus of revenue over expenditure.

Today, the US is running surpluses and is seeing a rapidly falling debt ratio while Germany, by contrast, has just negotiated a truce called the Waigel Pact.

(defi cit) for perio d

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.

Until recently, Russia has pursued an admirably conservative macroeconomic policy, running up huge budget and current account surpluses.

The smaller current account surplus in northern Europe that might result from this should itself be welcome.

Rebalancing also involves a global demand switch from external deficit countries to those running large current account surpluses. With lower spending and higher savings in the advanced economies, key emerging markets must take up the slack and start providing the demand needed to power the global recovery.

Rebalancing also involves a global demand switch from external deficit countries to those running large current account surpluses.

In fact, the year ended with a balance of payments surplus of US 46.1 million, which helped to consolidate the value of the currency.

But, while it is true that China s current account surpluses and America s deficits have somewhat moderated since then, have the imbalances really been corrected?

Consider China, where the saving and investment rates are near 40 , where the current account is in surplus and there is no public debt.

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

They have shown that the major capital inflows were not from emerging markets, but from Europe, where there was no net balance of payments surplus.

According to the Governor of American Samoa, the Government was in the black again for the second consecutive year, with a surplus for 2004 that totalled 4 million.

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

The flow of information necessary for balance of payments was defined.

Rising food prices are an international phenomenon, and Russia s inflation is driven by the large current account surpluses and capital inflows.

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.

However, public revenues were insufficient to offset fiscal imbalances.

Moreover, national banking systems can now separate more easily, because the peripheral countries current accounts have already achieved a rough balance, with all but Greece expected to record a small external surplus in 2014.

19 For a detailed analysis, see Global economic prospects and the developing countries (World Bank publication, Washington, D.C., 1994), p. 56.

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

Some of the increase in net transfers reflected strong growth in export revenues that had led to current account surpluses in some countries.

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.

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

a Including effects on output, employment, budget and balance of payments.

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.

With a modest fiscal deficit, record low borrowing costs, and a huge current account surplus, Germany has the financial firepower to unleash a significant stimulus. But Germany sees no need to stimulate its own economy, and is willing to consider only modest eurozone measures, such as additional capital for the European Investment Bank, a small pilot program for European Union project bonds for infrastructure investment, and more rapid deployment of unspent EU structural funds.

This led to massive current account surpluses (more than 10 of GDP at one point), which sent capital flowing to the rest of the world.

With a modest fiscal deficit, record low borrowing costs, and a huge current account surplus, Germany has the financial firepower to unleash a significant stimulus.

Beyond the balance of payments costs, a variety of other costs, including those relating to such largely domestic variables as the fiscal budget, investment, output and employment, were also reported.

Those projections were based on certain assumptions a reduction of the current account surplus, a decline in the share of the public sector in GDP, and a moderate drop in private consumption in 1994.

The counterargument hinges on the difference between the current account deficit and the trade deficit.

With the global economy recovering, China s trade surplus began to grow.

Second, governments have to start running budget surpluses and use privatization to set aside revenues that can be invested to meet future claims.

During the fourth quarter, massive capital inflows totalling US 1.350 million, created a balance of payments surplus which offset the cumulative deficit of the first three quarters.

And, with the eurozone running a current account surplus of nearly 350 billion which the euro s recent decline will bolster further there is no risk of a eurozone wide balance of payments crisis.