Balance of Payments Statistics, Quarter 3 2009

• Current account surplus of $F18.3 million
  
• Capital account surplus of $F13.8 million
  
• Financial account outflow of $F74.9 million

Current Account
The current account surplus for Quarter 3, 2009 was $F18.3 million compared with the Quarter 3, 2008 deficit of $F287.5 million. This was the net effect of the following:

• A decrease of $F229.8 million to $F307.0 million in the net goods deficit due mainly to the exports of sugar
  
  
• An increase of $F31.3 million to $F228.9 million in the net services surplus due mainly to an increase in tourism earnings
  
  
• An increase of $F3.7 million to $F16.2 million in the net income deficit. The increase was largely driven by the decrease of $F7.2 million in the inflow of investment income
  
  
• An increase of $F48.4 million to $F112.6 million in the net current transfers surplus. The increase was largely due to the increase in the inflows of other transfers from abroad

The balance on capital account for Quarter 3, 2009 recorded a surplus of $F13.8 million which was driven by the increase in the capital account inflow by $F1.4 million to $F20.0 million.

Capital account outflows decreased by $F10.6 million to $F6.2 million.

Financial Account
The balance on financial account for Quarter 3, 2009 recorded a net outflow (deficit) of $F74.9 million

Fiji’s total investment abroad recorded an inflow of $F59.7 million of which:

• Direct investment recorded outflow of the equity capital of $F0.7 million
  
  
• Portfolio investment equity securities – no transaction.
  
  
• The $F60.4 million inflow of other investment was the result of a $F19.1 million inflow of trade credits extended on exports, loans made by Fiji residents of $F12.4 million, currency and deposits of $F1.3 million and other assets of $F27.5 million.

• Direct investment recorded an inflow of $F51.6 million of which equity capital was $F29.3 million, reinvested earnings was $F21.8 million and other capital of $F0.5 million.
  
  
• Portfolio investment equity securities – no transaction.
  
  
• Other investment recorded an inflow of $F191.4 million of which trade credits received on imports recorded an inflow of $F7.4 million, loans received by Fiji residents of $F27.5 million and other liabilities of $F175.3 million. The large increase in other liabilities is due to the Special Drawing Rights (SDR) allocation of $F185.0 million by the International Monetary Fund during the months of August and September, 2009. These were partly offset by an outflow of $F18.8 million in currency and deposits.