Solomon Islands - Balance of payments
In 1992, export earnings were exceptionally high, due to a massive income windfall from the steep rise in the volume of log exports at a time when prices in Asian markets were being driven up by a supply shortage. By the late 1990s, the market for logs had collapsed, causing strain to the Solomon Islands balance of payments. Most manufactured goods and petroleum products must be imported.
The US Central Intelligence Agency (CIA) reports that in 1999 the purchasing power parity of the Solomon Islands' exports was $165 million while imports totaled $152 million resulting in a trade surplus of $13 million.
The International Monetary Fund (IMF) reports that in 1999 the Solomon Islands had exports of goods totaling $165 million and imports totaling $110 million. The services credit totaled $56 million and debit $87 million. The following table summarizes the Solomon Islands' balance of payments as reported by the IMF for 1999 in millions of US dollars.
|Balance on goods||55|
|Balance on services||-31|
|Balance on income||-17|
|Direct investment abroad||…|
|Direct investment in the Solomon Islands||10|
|Portfolio investment assets||…|
|Portfolio investment liabilities||…|
|Other investment assets||0|
|Other investment liabilities||-44|
|Net Errors and Omissions||-2|
|Reserves and Related Items||5|