East Timor - Balance of payments

The external current account was in large deficit by 2003 (-$230 million), resulting in large measure from imports associated with donor-assisted reconstruction activities. The deficit was more than financed by official transfers, however, and, inclusive of these transfers, the external current account was in surplus ($37 million). In 2001, the CIA estimated exports at $8 million, and imports at $237 million. The IMF estimated East Timor would maintain a negative merchandise trade balance of $163 million in 2003, with an overall trade deficit of $3 million. Development assistance during the 1990s totaled $81 million, increasing from $1 million in 1989 to more than $12 million in 1999. As of 2002, East Timor was receiving $2.2 billion in economic aid.