Somalia - Balance of payments



Since independence, Somalia has consistently had an unfavorable balance of payments on current accounts, caused by deficits of trade and invisible transactions. In the 1980s, Somalia depended on direct transfers and capital assistance from other governments, and became even more dependent after civil war and ensuing anarchy broke out in 1991. Economic aid reached $192 million in 1995. Total external debt in 2000 was estimated at $2.6 billion.

The US Central Intelligence Agency (CIA) reports that in 1999 the purchasing power parity of Somalia's exports was $186 million while imports totaled $314 million resulting in a trade deficit of $128 million.

User Contributions:

Comment about this article, ask questions, or add new information about this topic: