RESTRICTEDWORLD TRADE
ORGANIZATIONWT/BOP/G/6
14 September 1998
(98-3451)
Committee on Balance-of-Payments Restrictions Original:  English
1998 CONSULTATIONS WITH TH E REPUBLIC OF BULGARIA
UNDER ARTICLE XII:4(a) OF THE GATT 1994 AND THE
RELATED UNDERSTANDING
Basic Document Supplied by the Republic of Bulgaria
1. This document has been prepared in accordance with paragraph 11 of the Understanding on
the Balance-of-Payments Provisions of the GATT 1994.
I. BACKGROUND
2. In June 1996, as an element of the Government package aimed to rebuild the official reserves
and ensure fiscal and external viability, a temporary surcharge, calculated on the customs value of
imported goods intended for home use was introduced. The surcharge was adopted by the Council ofMinisters with Regulation No. 118 of May 1996, in conformity with the relevant provisions of
Article XII of the GATT 1994, the Declaration on  Trade Measures Taken for Balance-of-Payments
Purposes of 1979 and the Understanding of the Ba lance-of-Payments Provisions of the GATT 1994,
in order to forestall an imminent threat of a seri ous decline in foreign exchange reserves and balance-
of-payments difficulties.
3. Prior to its WTO accession, the Republic of Bulgaria informed the Working Party on the
Accession of Bulgaria (WT/ACC/BGR/5, 20 September 1996) of the introduction of the surcharge
and as a WTO Member, notified the measure under paragraph 9 of the Understanding on the Balance-
of-Payments Provisions of the GA TT 1994 (WT/BOP/N/18, 27 March 1997).
4. The Committee on Balance-of-Payments Restrictions consulted for the first time with
Bulgaria on 21 and 22 July 1997 in accordance with the terms of reference of Article XII:4(a) of the
GATT 1994 and the Understanding of the Balance-of-Payments Provisions of the GATT 1994(Report on the 1997 consultations with Bulgaria, WT/BOP/R/34, 18 September 1997). The
Committee welcomed the transparent and non-discriminatory nature of the measure, which was price-
based and least disruptive to trade; and appreciated the timely notification along with the
announcement of a time-schedule for removal in accordance with paragraph 1 of the Understanding.
The Committee also recognized the serious economic crisis that had affected Bulgaria; viewed the
balance-of-payments situation as delicate and found that recourse to Article XII of GATT 1994 was
justified. A decision was taken to recommend to the General Council that Bulgaria be deemed in
compliance with its WTO obligations.
5. The surcharge is applied in a non-discriminatory manner to imported goods irrespective of
their origin and its coverage has not been changed during the period of application.
6. Reductions were made in accordance with the timetable envisaged - from 5 to 4% with effect
from 1 July 1997 (WT/BOP/N/30, 13 October 1997) and from 4 to 2% with effect from 1 July 1998
(WT/BOP/N/37, 7 July 1998).WT/BOP/G/6
Page 2
II. PLAN FOR PROGRESSIVE RELAXATION AND ELIMINATION OF REMAINING 
RESTRICTIONS
7. Further reduction to 1% from 1 July 1999 and elimination from 1 July 2000 were initially
envisaged. Pursuant to Regulation of the Council of Ministers No. 182 of 12 August 1998 amending
Regulation of the Council of Ministers No. 118 of May 1996, published in State Gazette No. 98 of 21
August 1998, the time-schedule for removal of the measure was modified as follows:
- application of 2% surcharge from 1 July 1998 to 31 December 1998;
- elimination from 1 January 1999.
III. MACROECONOMIC DEVELOPMENTS
8. The Government’s stabilization strategy, the centrepiece of which was the adoption of a
currency board arrangement in mid-1997, and reform programme supported by the 1997 stand-by
agreement with the IMF, allowed the economy to recover from the deep crisis of early 1997. The
successful conclusion of several big privatization deals and external financing such as the loansextended by the IMF, the World Bank and the European Union added to the inflow of financial
resources in the country and helped to boost the international reserves.
9. A positive year-on-year growth of 1.9% was registered in the third quarter of 1997. The
positive tendencies, observed at the end of 1997, continued to prevail in the first half of 1998, with the
growing private sector contributing to them. The GDP increased by 2.9 and 2.2% in real terms duringthird and last quarter of 1997 compared to the same period of previous year. Slowdown of decline in
industry and services and growth of agriculture was observed in the third quarter of 1997. Having
been low since the currency board, the basic intere st rate continued to go down in the beginning of
1998. Economic developments in the first half of this year turned out to be a more favourable
outcome in terms of inflation. Inflation has been converging to peg currency levels faster thanexpected, partly assisted by the decline in international energy and commodity prices. As a result,
inflation during the first half of 1998 has been contained to 2.3%.
10. Since the 1996-1997 banking crisis, good progress has been made in the strengthening of the
banking system. The reform in the sector aims at  minimizing State participation in the commercial
bank’s capital so to achieve more efficient management and establish a competitive banking system.In 1996, 17 banks were put under conservatorship due to negative net value and 13 of them were
declared bankrupt in 1997. The changes in the structure of the system are marked by an increasing
share of both banks with a majority of foreign share-capital and local branches of foreign banks as
their share rose from 2.14% in end-1996 to more than 6% in end-1997.
11. The largest loss-making enterprises have been  isolated from the banking system since
October 1996 and have been subject to implementation of financial rehabilitation programs. Fourteen
out of 41 commercial enterprises in the isolation programme have been liquidated or privatized.
12. The current account of the balance-of-payments (Annex I) for the first half of 1998 was
slightly positive (US$28.8 million), with smaller su rplus than the for the same period of 1997, mainly
due to the smaller trade balance (see below). Main contributors for the negative balance of the
services account (showing improvement by US$95.4 million if compared to the first six months of
1997) are higher revenues from tourism and improved net interest income.
13. As a result of new loans extended by the EU and the World Bank, and foreign direct
investment inflows, the capital account for the first six months of 1998 was positive, irrespective of
the considerable foreign debt principal payments. The gross external debt increased slightly in 1997
and 1998 in comparison to 1996 but gross external debt-to-GDP and debt servicing ratios improved.WT/BOP/G/6
Page 3
Despite some decline in foreign exchange reserves in the beginning of 1998 (due to the significant
Brady bonds interest payment), the currency board arrangement remained with adequate reserves,
guaranteeing its stable operation. For the first six months of 1998, foreign exchange reserves
increased by 17.1%, reaching US$2,897.2 million - the highest level since mid-1980s. The IMF has
its important contribution to the increase of reserves. As a result, the ratio between foreign exchange
reserves and imports of goods and non-factor services improved significantly - from 4.3 months ofimports at the end of June 1997 to 6.4 months by end-June 1998.
14. The overall balance for the first half of 1998 recorded a surplus of US$239.9 million,
compared to a surplus of US$648.8 million for the same period of 1997.
15. A three-year Extended Fund Facility Arrangement with the IMF is to replace the expired
stand-by agreement. Over the three-year period of  the economic programme, the Government will aim
for sustained real GDP growth of 4-5% per annum and a steady decline in inflation. On the basis of
firm domestic demand stimulating the service and construction sectors and good prospects foragriculture, real GDP growth for 1998 is likely to r each at least 5% compared to 4% initially targeted.
Some of the recent declines in food prices are expected to be reversed and significant price increases
for energy products are planned for the fall so that end-year inflation is expected to reach 9%,
considerably below the 1998 budget target of 16.5%.
16. Priorities in the structural areas are to complete privatization of State banks and enterprises;
develop and deepen financial markets; improve and restructure social safety net programmes;
strengthen the tax system and administration; reform the agriculture and energy sectors; further
liberalize the exchange and trade regimes; develop the administrative, legal, and judicial institutions
necessary to underpin a competitive market economy. Implementation of a critical mass of structural
reforms in many areas will help develop a competitive market economy, stimulate private investment,and unlock Bulgaria’s growth potential.
IV. TRADE DEVELOPMENTS
17. In order to further integrate Bulgaria in the global economy and assist in keeping inflation low
under the currency board arrangement through external competition, the Government attaches great
importance to maintaining a liberal and non-distortionary trade system. Recently, a Free-TradeAgreement with Turkey and Agreement for accession of the Republic of Bulgaria to CEFTA were
signed, both of them expected to enter into force in 1999. At the end of 1997, the customs clearance
fee applied to exports and imports was eliminated; the export taxes levied on certain products were
either eliminated or their level significantly reduced, all remaining taxes on exports (with one
temporary exception) scheduled for removal by end-1998. Further trade liberalization measures areunder discussion with a view to their implementation as of 1999.
18. Recently, the Parliament adopted necessary legislation to promote exports through an export
credit insurance agency, in order to pave the way for small and medium-sized enterprises to enter
export markets.
19. Merchandise trade in the second half of 1997 and first half of 1998 was influenced, on one
side, by the continuing decline in demand and prices of certain commodities on the international
markets and, on the other side, by a rise in domestic consumption and further liberalization of tradeunder regional trade agreements. In 1997, exports accounted for 48.4% of GDP and recorded an
increase by 0.7% compared to the 1996 figure, main ly due to growing exports to EU countries (by
11.7%). Imports fell by 3.1% mainly due to reduced imports from Russia (by US$318.5 million,
18.8%). Preliminary data for the period January-June 1998, compared to the same period of 1997,
show a decline in exports (by 9.4%) and an increase in imports (by 4.7%). The only category ofproducts having an export growth (by 9.7%) for the period includes textile and leather materials,
clothing and footwear. This is attributed to higher competitiveness of Bulgarian production as a resultWT/BOP/G/6
Page 4
of lower labour costs and good quality. The crude oil price decline, lower industrial demand and
closing down of inefficient production contributes to the drop of imports of mineral products and fuels
by 19.2%. In comparison to the same period of 1996, both exports and imports in 1998 have declined,
by 9.4% and 7.7%, respectively.
20. Data on trade balance, commodity structure of exports and imports and geographical
composition of trade are contained in Annex II. The highest growth in imports for the first half of
1998 as compared to the same period of 1997 is registered for consumer goods (by 54.9%) and
investments goods (by 27%), followed by raw materials (by 8.8%) due to domestic demand recovery,
relative alignment of price levels for domestic and imported products, trade liberalization and
investments made in privatized enterprises. The in crease of exports to EU countries (by 2.7% for the
period January-June 1998 compared to the same period of 1997) contributed mainly the growing
exports to Belgium (by 98.2%), Austria (by 41.1%) and Holland (by 16.3%). At the same time,
exports to other major trading partners (Italy, Germany, Turkey, Russia) decreased. On the importside, an overall increase by 5.2% was registered for the said period, mainly due to increased imports
from EU (Belgium, Greece, France and Germany), countries from southeast Asia, the Czech Republic
and the United States.  The trade surplus amounted to US$368.8 million (3.7% of GDP) in 1997 and
remained slightly positive in the first half of 1998 (US$27.4 million).WT/BOP/G/6
Page 5
ANNEX I
Bulgaria – Balance-of-payments, 1997-98
(US$ million)
19971998
IQ IIQ IIIQ IVQ Total IQ IIQ
CURRENT ACCOUNT
BALANCE1152.8 82.5 126.9 53.7 415.9 -62.4 90.6
  Trade2, 12 306.7 44.5 84.1 -66.4 368.8 22.2 5.2
    Exports, fob 1187.2 1232.1 1266.2 1241.3 4926.8 1102.5 1089.5
    Imports, fob 880.5 1187.6 1182.1 1307.7 4558.0 1080.3 1084.2
  Services, net -196.5 -8.9 -31.8 47.3 -189.8 -144.4 34.5
    Receipts: 299.3 336.2 494.8 417.2 1547.5 333.2 353.9
      transport388.9 95.0 149.0 115.2 448.2 98.0 111.2
      travel440.0 48.8 182.7 97.6 369.0 83.5 101.3
      interest543.4 38.6 26.5 49.5 158.1 47.5 45.4
      other income 22.5 9.9 9.1 11.0 52.6 15.7 11.7
      other services 104.4 143.7 127.5 144.0 519.6 88.7 84.3
    Payments: 495.8 345.1 526.5 369.9 1737.3 477.7 319.3
      transport398.3 117.7 142.4 145.9 504.3 121.4 124.9
      travel454.1 35.1 72.7 59.7 221.6 49.7 57.1
      interest5212.8 58.5 210.4 39.1 520.8 207.3 46.4
      other income 10.2 9.5 4.6 22.4 46.7 11.4 6.1
      other services 120.4 124.2 96.5 102.8 443.9 87.8 84.8
  Transfers net (private) 5.6 33.0 30.8 38.6 108.0 38.5 42.0
  Unrequited transfers636.9 13.9 43.8 34.2 128.8 21.4 8.8
CAPITAL ACCOUNT1, 7-92.4 385.0 110.5 -5.9 397.2 150.2 19.8
  Direct investment in Bulgaria841.5 273.5 89.6 84.2 488.8 73.6 34.6
  Direct investment abroad 0.0 0.7 0.7 0.3 1.7 0.0 0.0
  Portfolio investment, net 29.2 148.7 9.3 -104.0 83.2 10.2 -88.1
    Assets -4.8 -1.1 -3.3 -4.3 -13.6 -32.4 -29.2
    Liabilities 34.0 149.8 12.7 -99.7 96.7 42.5 -58.9
  Medium and long term loans, net -35.2 -0.4 43.8 -159.6 -151.4 106.7 185.6
    Drawings 14.2 28.8 74.2 46.6 163.8 140.8 208.4
     Official 11.1 28.6 71.1 46.6 157.5 134.2 207.9
     Private 3.1 0.1 3.1 0.1 6.4 6.6 0.4
    Repayments 49.5 29.2 30.4 206.2 315.2 34.1 22.8
  BOP Support 0.0 0.0 0.0 0.0 0.0 -25.2 0.0
    EU loan 0.0 0.0 0.0 0.0 0.0 -25.2 0.0
  Loans extended, net 90.4 39.2 4.0 5.5 139.0 -13.0 3.3
     Drawings 0.1 9.8 0.0 0.0 9.9 23.7 0.0
Table (cont'd)WT/BOP/G/6
Page 6
19971998
IQ IIQ IIIQ IVQ Total IQ IIQ
     Repayments990.5 48.9 4.0 5.5 148.9 10.7 3.3
  Short-term debt, net -11.4 17.8 3.0 12.3 21.7 17.8 -207.9
    Trade credits, net 3.4 14.3 1.0 -2.4 16.2 0.1 0.7
    Short-term loans, net -14.1 3.7 3.7 -12.4 -19.0 19.5 -16.0
      Drawings 50.8 69.2 88.8 63.2 271.9 72.5 28.9
      Repayments 64.9 65.5 85.1 75.5 290.9 53.0 44.9
    Clearing accounts -0.6 -0.2 -1.8 27.1 24.5 -1.8 -192.6
  Other capital -129.9 -126.5 -45.2 136.4 -165.2 21.7 95.5
    DMBs Forex Deposits -82.4 -222.2 -179.7 48.3 -435.9 -10.2 56.6
    Other sectors Deposits 2.7 4.8 -0.2 7.3 14.6 -2.0 0.0
    Other short-term capital  (net) -50.1 90.8 134.6 80.8 256.1 33.9 38.8
       Other Forex deposits10-50.1 90.8 134.6 80.8 256.1 33.9 38.8
       Other capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other investment -77.0 32.0 5.3 19.1 -20.6 -41.6 -3.4
   Other assets -61.1 25.3 4.1 4.0 -27.8 -9.3 2.5
   Other liabilities -15.9 6.8 1.2 15.1 7.2 -32.3 -5.9
Errors and omissions -27.1 147.8 156.7 107.7 385.1 36.2 59.5
OVERALL BALANCE 33.4 615.3 394.2 155.4 1198.2 124.0 169.9
Financing11-33.4 -615.3 -394.2 -155.4 -1198.2 -124.0 -169.9
  BNB reserves (increase: -) -33.5 -827.3 -579.3 -250.5 -1690.7 -96.0 -327.0
     Gold of BNB ($300 per oz) 0.0 0.0 -55.9 2.7 -53.2 9.1 -3.7
     Holdings of SDR 1.8 -5.4 14.7 -10.0 1.1 7.3 -10.1
     Reserve position with the IMF 1.6 0.0 0.7 0.3 2.6 0.5 0.1
  Use of Fund credit, net -36.6 169.5 200.6 60.6 394.2 -31.6 143.1
* In accordance with the IMF 4th edition of the "Balance-of-payments Manual".
1 Preliminary data for 1997 are revised.
2 Data based on customs declarations, received from the Computer Centre of the Ministry of Finance, supplemented with NSI data
and adjusted by BNB.
3. BNB estimates.
4 Tourist data are provided by the NSI and estimated by BNB.5 The data are on a due basis
6 Including data provided by the Agency for Foreign Aid and Bulgarian Red Cross.
7 For assets, a minus sign denotes an increase in holdings and a positive figure represents a decrease.  For liabilities, a posi tive sign
shows an increase and a negative figure shows a decrease.
8 Data of the Ministry of Finance, Agency for Privatization, NSI, Central Depository, branch ministries and BNB.
9 Includes gas deliveries under the Jamburg agreement.10 Including change of deposits of the population and private companies.
11 Including rescheduled payments and arrears
12 Settlement data provided from commercial banks:
Trade balance 154.8 139.9 64.0 -29.6 329.2 40.4 43.3
Exports, fob 871.0 1008.0 1002.8 1019.7 3901.5 987.6 916.6
Imports, fob 716.1 868.1 938.8 1049.3 3572.3 947.2 873.3
Source: Government of the Republic of Bulgaria.WT/BOP/G/6
Page 7
ANNEX II
Table 1
Bulgaria's foreign trade by trading partners
US$ million)
EXPORTS
No Countries 1995 1996 1997 Jan-June 1998
1 EU countries,  including 2,012.0 1,912.5 2,135.6 1,083.9
Italy 436.0 493.1 577.5 288.2
Germany 457.8 442.1 469.0 210.4
Greece 367.7 347.6 407.1 197.2
France 152.9 127.0 133.5 66.9
United Kingdom 167.2 140.9 131.0 56.1
Spain 133.8 111.3 129.2 68.9
Belgium 82.2 72.8 76.4 87.3
Netherlands 102.5 77.8 75.7 38.4
Austria 45.8 50.3 54.2 33.1
2 EFTA countries 82.6 49.5 44.4 15.5
3Others OECD countries,1 including 592.3 554.0 664.0 229.6
Turkey 385.1 384.3 443.1 144.9
USA 162.3 113.1 129.3 50.3
4 Balkan countries,2 including 692.8 514.2 292.1 120.9
Yugoslavia 85.5 231.5 124.8 55.6
FYR of Macedonia 436.2 148.6 98.0 47.2
Romania 95.6 75.4 28.5 0.0
5 CEFTA countries,3 including 97.3 94.8 138.0 119.9
Romania 0.0 0.0 37.4 28.2
6 Former USSR countries,  including 922.8 949.7 882.6 317.1
Russia 536.1 480.1 392.5 144.7
Ukraine 190.7 166.3 147.0 59.3
Moldova 43.1 101.1 100.0 31.9
Georgia 39.0 68.3 123.0 34.8
7 Other countries 945.7 815.4 770.2 305.2
Total Exports (FOB) 5,345.4 4,890.2 4,926.8 2,192.0
Table (cont'd)WT/BOP/G/6
Page 8
IMPORTS
No Countries 1995 1996 1997 Jan-June 1998
1 EU countries, including 2, 097.8 1,780.3 1,856.0 1,044.9
Germany 697.0 575.1 579.4 310.0
Italy 326.6 318.7 352.9 177.7
Greece 248.7 196.1 207.5 139.2
France 157.3 162.7 158.0 110.4
Austria 156.9 123.2 119.6 66.5
United Kingdom 147.4 105.1 128.3 56.1
Netherlands 111.0 91.4 91.7 48.6
Belgium 74.4 59.3 61.8 45.1
2 EFTA countries, including 104.8 86.4 88.3 34.0
Switzerland 99.0 79.0 78.8 31.1
3 Others OECD countries,1 including 311.6 275.4 347.4 191.2
USA 119.1 111.7 183.2 106.0
Turkey 99.8 96.0 102.4 52.4
4 Balkan countries,2 including 244.7 163.3 95.8 41.0
5 CEFTA countries,3 including 178.1 159.9 224.4 120.0
6 Former USSR countries,  including 1,869.2 1,866.3 1,615.0 617.4
Russia 1,583.9 1,694.2 1,375.7 499.6
Ukraine 188.1 122.4 181.8 92.6
7 Other countries 832.3 742.3 702.5 298.3
Total Imports (CIF) 5,638.5 5,074.0 4,929.3 2,346.8
1 Includes Australia, Canada, New Zealand, United States, turkey and Japan,
2 Includes Albania, Bosnia and Herzegovina, Croatia, FYR of Macedonia, Romania and Yugoslavia.
3 As of 1 July 1997 Romania is included.  For that reason CEFTA and Balkan countries goups could not be directly compared.
Exports to Romania totalled US$75.4 and 65.9 million in 1996 and 1997 and imports from Romania totalled US$70.5 and 67.7
million respectively.
Sources: Customs declarations.  For 1995, 1996 – NSI, final data;  for 1997, 1998 – NSI and BNB, preliminary data.WT/BOP/G/6
Page 9
Table 2
Bulgaria – Imports by main categories, 1995 to June 1998
Per cent
Commodity groups 1995 1996 1997 Jan-June 1998
Consumer goods 12.6 10.6 11.6 14.9
Raw materials 39.0 35.8 38.5 41.6
Investment goods 19.7 18.2 17.4 19.3
Mineral fuels, oils and electricity 28.8 35.4 32.5 24.2
Total 100 100 100 100
Sources: Customs declarations.  For 1995, 1996 – NSI, final data;  for 1997, 1998 – NSI and BNB, preliminary data.
Table 3
Bulgaria – Trade composition, 1995 to June 1998
Per cent
EXPORTS
Commodity groups 1995 1996 1997 Jan-June 1998
1. Base metals and articles of base metals 19.6 17.7 21.3 22.3
2. Chemical products, plastics and rubber 18.4 20 18.5 16.9
3. Textile and leather materials, clothing, footwear, furniture 12.8 14.7 16.2 18.8
    and other industrial consumer goods
4. Machines, transport facilities, appliances and tools 14.1 15.2 14.6 15.6
5. Animal and vegetable products, food, drinks and tobacco 21.9 18.7 14.2 14.2
    products
6. Mineral products and fuels 8.3 9.1 10.2 7.0
7. Wood, paper, earthenware and glass product 4.8 4.6 4.9 5.1
    Total 100 100 100 100
IMPORTSCommodity groups 1995 1996  1997 Jan-June 1998
1. Mineral products and fuels, including: 31.5 38.3 36.5 29.2
2. Machines, transport facilities, appliances and tools 22.3 19.5 18 20.7
3. Textile and leather materials, clothing, footwear, furniture 11.4 11.8 14.4 16.5
    and other industrial consumer goods
4. Chemical products, plastics and rubber 14.2 12.6 12.2 14.9
5. Animal and vegetable products, food, drinks and tobacco 8.1 7.9 8.6 7.9
    products
6. Base metals and articles of base metals 7 5.4 6.2 6.2
7. Wood, paper, earthenware and glass products 5.4 4.4 4.1 4.6
    Total 100 100 100 100
Sources: Customs declarations.  for 1995, 1996 – NSI, final data;  for 1997, 1998 – NSI and BNB, preliminary data.WT/BOP/G/6
Page 10
Ukraine
3.0Turkey
9.0Russia
8.0Italy
11.7Greece
8.3Germany
9.5Other
50.5
Italy
13.1Spain
3.1Turkey
6.6
Russia
6.6France
3.1Greece
9.0Germany
9.6Belgium 
4.0Other
44.8Chart 1
Share of main trading partners in Bulgaria's exports
Yugoslavia
4.7
Ukraine
3.4Turkey
7.9Russia
9.8Italy
10.1FYR of Macedonia
3.0Greece
7.1Germany
9.0Other
45.0
a              Estimates.
Source :  Customs declarations.  For 1996 - NSI;  for 1997, 1998 - NSI and BNB.Per cent
January-June 199819971996
aaWT/BOP/G/6
Page 11
France
3.2
United States
3.7
Ukraine
3.7
Russia
27 9Italy
7.2Greece
4.2Germany
11.8Other
38.3
Russia
21.3France
4.7
Germany
13.2
Greece
5.9Italy
7.6Ukraine
3.9Other
38.9
United States
4.5Chart 2
Share of main trading partners in Bulgaria's imports
France
3.2
Germany
11.3
Greece
3.9
Italy
6.3
Russia
33.4Other
41.9
a              Estimates.
Source :  Customs declarations.  For 1996 - NSI;  for 1997, 1998 - NSI and BNB.Per cent
January-June 199819971996
aaWT/BOP/G/6
Page 12
3,5004,0004,5005,0005,500
1992 1993 1994 1995 1996 1997US$ millionChart 3
Exports and imports, 1992-97
Estimates.
Customs declarations.  For 1992-96 - NSI;  for 1997 - NSI and BNB.Exports (f.o.b.)
Imports (f.o.b.)
a
Source :a
-1,000-800-600-400-2000200400600
1992 1993 1994 1995 1996 1997US$ millionChart 4
Trade balance, 1992-97
Estimates.
Customs declarations.  For 1992-96 - NSI;  for 1997 - NSI and BNB.a
Source :a
__________Source:
Source: