Macedonia's CA balance was a surplus of EUR 21.8mn in August, reversing deficits of EUR 10.6mn in July and EUR 39.1mn in August 2010, according to preliminary data of the central bank. The shift to a surplus reflects broad-based annual improvements: the trade deficit narrowed y/y; the net inflow in the services account widened 2.9 times y/y; the net outflow in the income account decreased significantly; and the net inflow in the current transfers rose by 3.4% y/y. br>The trade deficit dropped by 6.9% y/y to EUR 136.3mn in August, as exports rose by 35.1% y/y to EUR 274.2mn and imports grew by 17.5% y/y to EUR 410.5mn. In Jan-Aug, the CA deficit rose 3.2 times y/y to EUR 274.3mn, or 3.7% of projected full-year GDP. The annual deterioration in the CA deficit reflects mainly an increase in the trade deficit, which rose by 22.1% y/y to EUR 1.16bn in the period from January to August. Exports rose by 30.8% y/y to EUR 2.01bn in Jan-Aug, and imports grew by 27.5% y/y to EUR 3.16bn. On the other hand, there was an annual improvement in the services account in the first eight months of this year.
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