Continued deficits in the trade balance are often met by grants from the UK to the government's current and capital accounts. Foreign aid, in fact, accounts for between 25% and 50% of GDP.
The US Central Intelligence Agency (CIA) reports that in 1998 the purchasing power parity of Kiribati's exports was US $6 million while imports totaled US $44 million resulting in a trade deficit of US $38 million.
The International Monetary Fund (IMF) reports that in 1994 Kiribati had exports of goods totaling US $6 million and imports totaling US $27 million. The services credit totaled US $18 million and debit US $17 million. The following table summarizes Kiribati's balance of payments as reported by the IMF for 1994 in millions of US dollars.
Current Account | 1 |
Balance on goods | -21 |
Balance on services | 0 |
Balance on income | 15 |
Current transfers | 7 |
Capital Account | 3 |
Financial Account | -5 |
Direct investment abroad | 0 |
Direct investment in Kiribati | 0 |
Portfolio investment assets | -7 |
Portfolio investment liabilities | … |
Other investment assets | … |
Other investment liabilities | 1 |
Net Errors and Omissions | -5 |
Reserves and Related Items | 6 |
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