monthly statistical bulletin · export of products destined to the central american region reported...

Monthly Statistical Bulletin

July, 2011

Monthly Statiscal Bulletin Advanced Release Calendar Jul 2011

Calendario de Divulgación Anticipado

* Release dates can be specific date. The period (or date) to which data to be released relate is shown in parentheses.

Sep. 11 Oct. 11 Nov. 11 Dic. 11

Production and Prices

30 23

Quarterly Gross Domestic Product (II-Q- 11) (III-Q- 11)

28 27 28 23

Economic Activity Volumen Index (EAVI) (Jul. 11) (Ago. 11) (Sep. 11) (Oct. 11)

9 10 9 9

Industrial Production Volume Index (IPVI) (Jul. 11) (Ago. 11) (Sep. 11) (Oct. 11)

7 7 8 7

Consumer Prices Index (CPI) (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

30 31 30 23

Industrial Prices Index (IPI) (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

Fiscal Sector

30 31 30 23

Nonfinancial Public Sector Operations (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

30 31 30 23

Consolidated Central Government Operations (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

31

Central Government Debt (III- Q- 11)

Financial Sector

30 31 30 23

Analytical Accounts of the Financial System (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

7 7 8 7

Analytical Accounts of the Central Bank (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

External Sector

30 23

Balance of Payments (II-Q- 11) (III-Q- 11)

7 7 8 7

International Reserves (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

30 31 30 23

Foreign Currency Liquidity (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

26 27 24 23

Foreign Trade-Exports and Imports (Ago. 11) (Sep. 11) (Oct. 11) (Nov. 11)

30 23

International Investment Position (II-Q- 11) (III-Q- 11)

30 23

Total External Debt (II-Q- 11) (III-Q- 11)

Data CategoryPublication Dates*

Monthly Statistical Bulletin 1. Executive Summary Jul, 2011

Economic results as of July 2011 highlight performance of the foreign trade, which has been driven by

a higher foreign demand. Economic activity keeps on showing signs of a sustained increase. On the

other hand, public finances keep a deficit position, despite an improvement in income collection and

transactions of the bank system reflecting an increasing trend on collecting deposits and a slight

growth on funds granted in the concept of loans.

Economic activity measured by the cycle trend of the Economic Activity Volume Index (EAVI) cycle

trend reported as of June 2011 reported a positive ratio of 3.6% p.a., sustained by the sectors of con-

struction, mining, commerce, transportation and agriculture. Concerning its moving average in the last

twelve months, EAVI grew 3.2%.

During July 2011, point to point inflation was 6.5% p.a. Transportation and food reported price in-

creases of 8.1% and 9.4% p.a., respectively; jointly they account for 43.8% of annual price variation.

El Salvador exported a total of US$3,245.7 mln, reporting a growth of 23.7% relative to the same pe-

riod in the previous year. Exports of traditional products totaled US$486.7 mln, increasing 87.3%,

driven by the rise in exports of coffee and sugar. Non-traditional products accrued US$2,037.9 mln,

representing 17.5% p.a. increase. Export of products destined to the Central American region reported

18.6% increase and sales outside Central America reported an increase of 16.1% over the same period

in the previous year. On the other hand, imports amounted to US$5,973.3 mln between January and

July 2011, where consumption goods grew 16.5%, intermediate goods 25.3% and capital goods grew

19.7%.

NFPS financial performance reported a fiscal deficit of US$354.9 mln, income and donations reported

the amount of US$2,542.6 mln, representing an increase of 10.0% p.a. Total expenses rose to

US$2,897.5 mln, increasing 14.6% p.a., where expenses in Public investment grew US$28.4 mln rela-

tive to the same period in the previous year.

During July 2011, the financial system reports an increase in the capture of both public and private

deposits, and credit granted to the private sector keeps showing a rising trend, growing 0.9% p.a.

Monthly Statistical Bulletin International Environment Jul, 2011

2.

1. The Open Market Operation Committee of the US Federal Reserve decided not to alter the reference

ratio of the money policy and keep it within the range of 0-0.25% to promote current economic

growth. This committee believes that growth has been better than expected, that labor market has dete-

riorated, and unemployment has increased. Moreover, consumption expense has remained stable and

investment on structures other than residences is still weak. It is expected that economic conditions,

including the little use of resources, and the lower inflation growth may guarantee these exceptionally

low levels of the interest rates up until mid 2013. Other economies, such as England’s and Japan’s

Banks have kept their rates in the minimum numbers. Bank of Australia decided to make its last in-

crease at the end of 2010, whereas the Central European Bank made two increases, one in April and

the other one in July this year showing some price stability risks despite the economic slowdown and

the financial tensions in Europe.

2. US consumer trust index had plunged from 59.2 in July to 44.5 in August. That way, the indicator

reached its lowest level in the last two years (April 2009, 40.8). Consumers have become more pessi-

mistic concerning short-term perspective, where the sub-index was reduced from 74.9 to 51.9 points.

Labor market conditions also had a slight but negative effect on the sub-index results of the current

situation which was 33.7 points.

3. In August, the Economic Analysis Directorate of the Department of Commerce modified the growth of

the US GDP rated in 1.0% (1.3% previous data). The 0.3% reduction reflects mainly the lowering re-

view made to the investments on inventories and exports to be offset by the increase in fixed invest-

ment and consumption expense. On the other hand, the professional poll made by the Federal Reserve

forecasted in its last poll an economic growth lower than the one forecasted in May. Likewise, experts

forecast a GDP growth of 1.7% in 2011 and 2.6% in 2012 which is in contrast with the forecast of

May that was 2.7% and 2.9% for the corresponding years.

Monthly Statistical Bulletin International Environment Jul, 2011

2.1 Graphics

20

45

70

95

120

145

J06 M S J07 J S F08 J O M09 J N M10 A D A11 23

Crude Oil Prices WTI, 2006-2011,US$ per Barrel

0.0

1.5

3.0

4.5

6.0

J06 M S J07 M S J08 M S J09 M S J10 M S J11 M

International Interest Rates

Treasury Bill 6 M.

LIBOR 6 M.

% Montly average

4.1

1.7

3.12.1

5.4

1.4

0.1

3.0

0.5

3.63.0

1.7

-1.8

1.3

-3.7

-6.7

-0.7

1.7

3.83.9

3.82.5 2.3

0.41.0

-8-7-6-5-4-3-2-101234567

I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II

2005 2006 2007 2008 2009 2010 2011

USA: Quarterly GDP growth rate

20

30

40

50

60

70

80

90

100

110

120

J06A J OJ07A J OJ08A J OJ09A J OJ10A J OJ11A J

USA: Consumer Confidence IndexThe Conference Board, 2005-2011

2011 2012

Q3 Q4 Q1 Q2 Q3

Percent growth at annual rates

Real GDP 2.2 2.6 2.2 2.9 3.2 1.7 2.6

Nominal GDP 4.0 4.5 4.3 4.8 4.6 3.9 4.4

CPI 1.5 2.0 2.0 2.1 2.0 3.2* 2.0*

Variables in levels

Unemployment Rate 9.1 9.0 8.8 8.7 8.6 9.0 8.6

3-Month Treasury Bill 0.1 0.1 0.2 0.2 0.4 0.1 0.410-Year Treasury

Bond 2.9 3.1 3.3 3.5 3.6 3.1 3.5

* Q4 over Q4

Ago-11

Y-o-Y

Federal Reserve Bank USA

2011 2012

Survey of Professional Forecasters

0

2

4

6

8

10

J01 J02 J03 J04 J05 J06 J07 J08 J09 J10 J11

Monetary Policy Interest Rates

BOE BOA

BCE FED

FED

Monthly Statistical Bulletin Production and Prices Jul. 2011

3.

1. The Economic Activity Volume Index (EAVI) reported 3.6% annual increase in the cycle trend in June

2011, higher than 1.7% obtained in the same period in the previous year. This result is driven by the

growth in the following sectors: Construction (20.4%); Exploitation of Mines and Quarries (17.5%);

Trade, Restaurants and Hotels (6.9%); Real Estate and Services provided to companies (4.5%); Gov-

ernment Services (3.9%); Transportation, Warehousing and Communications (3.6%); Manufacturing

industry (2.1%); and, Agriculture, Hunting, Forestry and Fishing (1.6%). On the other hand, activities

showing reductions included Community, Social and Personal Services, (-4.8%); Electricity, Gas and

Water (-1.0%); and, Banks, Insurances, and other Financial Institutions (-0.3%).

2. Inter-annual variation rate of the moving average in the last twelve months of the cycle trend series

showed an increase of 3.2% in June 2011 against -2.7% obtained in the same period in the previous

year.

3. As of July 2011, PCI showed a 0.3% monthly increase, driving annual inflation to 6.5%. This means

that, throughout the year, inflation has had an increasing trend. This is mainly the result of higher

prices of fuel, propane gas, food and adjustments of the water and electricity rates.

4. The Divisions that have reported the highest increase are housing, water, electric power, propane gas

and other fuels; food and non-alcoholic beverages, Restaurants and Hotels, and Transportation. The

goods with the highest increase during the month included tomatoes, laundry soap, tires, local corn and

chayote squash. Those that showed a price reduction were potatoes, French bread, regular gas, special

gas, and plantain.

5. During July 2011, industrial prices increased 1.9%, mainly due to a price increase of oil byproducts,

iron and concentrated feed for poultry and pigs. In annual terms, IPI increased 15.2% (Chart 2), associ-

ated with higher prices in the division of chemical substances manufacturing and oil byproducts

(29.8%) and in basic metal industry (16.0%).

6. WPI increased 17.9% p.a.; the level of its exports and locally produced-consumed products also

showed a similar dynamism 22.5% and 22.7%, respectively. During July 2011, wholesale Price sales

reported a monthly increases of 0.54%, mainly driven by the price increase of imported goods (0.9%

monthly), which also prompted to a similar behavior in locally produced and consumed products

(0.57% monthly).


3.1 Quarterly Gross Domestic Product

Source:Macroeconomic Accounts Department 1/ Preliminary Figures

3.2 Economic Activity Volume Index: EAVI1/

Source: Macroeconomic Accounts Department 1/ Preliminary Figures

Index Var Index Var Index Var

EAVI General 193.00 (8.26) 196.36 1.74 203.39 3.58

0.00 0.00 0.00 0.00 0.00 0.00

1. Agriculture, Hunt, Forestry and Fishing 117.42 (1.95) 120.49 2.61 122.37 1.560.00 0.00 0.00 0.00 0.00 0.00

2. Mining and Quarries Exploitation 157.06 (16.97) 122.76 (21.84) 144.23 17.490.00 0.00 0.00 0.00 0.00 0.00

3. Manufacturing Industry 221.53 (5.40) 225.07 1.60 229.76 2.080.00 0.00 0.00 0.00 0.00 0.00

4. Electricity, Gas and Water 231.54 (2.53) 234.21 1.15 231.81 (1.02)0.00 0.00 0.00 0.00 0.00 0.00

5. Construction 152.89 (5.63) 139.23 (8.93) 167.58 20.370.00 0.00 0.00 0.00 0.00 0.00

6. Commerce, Restaurants and Hotels 173.96 (18.92) 188.38 8.29 201.48 6.950.00 0.00 0.00 0.00 0.00 0.00

7. Transport, Storage and Communications 330.04 (7.66) 314.03 (4.85) 325.20 3.550.00 0.00 0.00 0.00 0.00 0.00

8. Banks, Insurances and Other Financial Institutions 489.75 0.72 506.28 3.37 504.98 (0.26)0.00 0.00 0.00 0.00 0.00 0.00

9. Real Estates and Services to Companies 164.35 (13.81) 159.53 (2.93) 166.75 4.530.00 0.00 0.00 0.00 0.00 0.00

10. Social, Personal and Communal Services 143.56 (9.49) 150.80 5.05 143.61 (4.77)0.00 0.00 0.00 0.00 0.00 0.00

11. Government's Services 126.92 (0.16) 130.38 2.73 135.52 3.95

Jun-10 Jun-11Jun-09Sectors

GDPt Nominal

Quarter Million of US$ Annual Var. Million of US$ Annual Var.

2002: I 1,932.3 2.4 3,516.4 3.0

II 1,953.1 2.4 3,560.5 3.2

III 1,970.2 2.3 3,593.4 3.7

IV 1,983.4 2.2 3,636.5 4.4

2003: I 1,972.7 2.1 3,711.0 5.5

II 1,996.9 2.2 3,751.8 5.4

III 2,015.8 2.3 3,777.4 5.1

IV 2,033.9 2.5 3,806.4 4.7

2004: I 1/

2,013.5 2.1 3,878.1 4.5

II 2,032.2 1.8 3,913.0 4.3

III 2,046.0 1.5 3,972.2 5.2

IV 2,076.1 2.1 4,035.0 6.0

2005: I 1/

2,071.2 2.9 4,081.6 5.2

II 2,100.7 3.4 4,220.2 7.9

III 2,123.1 3.8 4,334.9 9.1

IV 2,163.8 4.2 4,457.2 10.5

2006: I 1/

2,155.3 4.1 4,476.0 9.7

II 2,185.9 4.1 4,589.0 8.7

III 2,205.7 3.9 4,689.9 8.2

IV 2,242.7 3.6 4,795.8 7.6

2007: I 2,244.5 4.1 4,879.2 9.0

II 2,270.7 3.9 4,976.1 8.4III 2,288.0 3.7 5,077.4 8.3

IV 2,324.0 3.6 5,172.2 7.8

2008: I 2,315.1 3.1 5,296.9 8.6

II 2,322.6 2.3 5,388.3 8.3III 2,310.5 1.0 5,436.3 7.1

IV 2,295.2 (1.2) 5,309.4 2.7

2009: I 2,231.4 (3.6) 5,138.6 (3.0)

II 2,228.5 (4.0) 5,145.6 (4.5)III 2,236.8 (3.2) 5,162.7 (5.0)

IV 2,257.0 (1.7) 5,214.0 (1.8)

2010: I 2,256.4 1.1 5,231.1 1.8

II 2,262.8 1.5 5,284.4 2.7III 2,271.4 1.5 5,321.9 3.1

IV 2,291.0 1.5 5,377.3 3.1

2011: I 2,295.0 1.7 5,500.6 5.2

GDPt Constant

-5.5

-4.5

-3.5

-2.5

-1.5

-0.5

0.5

1.5

2.5

3.5

4.5

5.5

I-04 III I-05 III I-06 III I-07 III I-08 III I-09 III I-10 III I-11

%

Quarterly Gross Domestic ProductConstant Prices 1990 = 100

Annual Variation

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

I-04 III I-05 III I-06 III I-07 III I-08 III I-09 III I-10 III I-11

%

Quarterly Gross Domestic ProductCurrent Prices 1990 = 100

Accumulated Variation


3.2.1 Economic Activity Volume Index: EAVI Cycle Trend

Source: Macroeconomic Accounts Department 1/ Figures revised as to March 2011

Source: Macroeconomic Accounts Department 1/ Figures revised as to June 2006

Figures Variation Figures Variation Figures Variation

January 197.17 -7.62 194.28 -1.47 201.34 3.63

February 195.61 -8.21 195.07 -0.27 202.06 3.58

March 194.56 -8.48 195.94 0.71 202.46 3.33

April 193.77 -8.71 196.50 1.41 202.73 3.17

May 193.27 -8.67 196.53 1.69 203.04 3.31

June 193.00 -8.26 196.36 1.74 203.39 3.58

July 192.42 -7.96 196.45 2.09

August 191.93 -7.59 196.69 2.48

September 192.01 -6.70 197.26 2.74

October 192.17 -5.59 198.40 3.25

November 192.57 -4.33 199.48 3.59December 193.46 -2.86 200.38 3.58

2009 2010 2011

Months

170

185

200

215

230

245

J-07 M S J-08 M S J-09 M S J-10 M S J-11 M

Index Volume Index of Economic Activity (EAVI)General

-13.0

-9.0

-5.0

-1.0

3.0

7.0

11.0

J-07

A J O J-08

A J O J-09

A J O J-10

A J O J-11

A

%EAVI GeneralAnnual Variation

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

J-07

A J O J-08

A J O J-09

A J O J-10

A J O J-11

A

%EAVI Cycle Trend

Annual Variation

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

J-07

A J O J-08

A J O J-09

A J O J-10

A J O J-11

A

%EAVI Cycle Trend

Annual Variation


3.3 Consumer Price Index (CPI)

Source: Economic Ministry DIGESTYC

Source: Financial and Fiscal Statistics Department

-2.0

-1.0

0.0

1.0

2.0

3.0

J-08 A J O J-09 A J O J-10 A J O J-11 A J

% General CPIMonthly Variation

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0


% General CPIAnnual Variation

20101 / 20111/

2009 Monthly Annual 20101/ Monthly Annual Base Dic.2009 Monthly Annual

January 217.15 (0.38) 3.98 100.44 0.44 0.79 102.77 0.63 2.32

February 217.45 0.14 3.30 100.57 0.12 1.04 102.96 0.18 2.38

March 219.12 0.77 3.29 100.89 0.32 0.88 103.63 0.66 2.72

April 218.75 (0.17) 2.27 100.71 (0.18) 0.63 106.71 2.97 5.96

May 218.89 0.06 1.23 100.50 (0.21) 0.13 107.23 0.48 6.69

June 219.28 0.18 0.16 100.96 0.46 0.56 107.29 0.06 6.27

July 218.93 (0.16) (1.27) 100.98 0.01 0.99 107.59 0.26 6.52

August 218.42 (0.23) (1.57) 100.81 (0.17) 1.02

September 217.99 (0.20) (1.34) 101.11 0.30 1.38

October 216.38 (0.74) (1.60) 101.78 0.66 2.78

November 215.51 (0.40) (1.38) 102.24 0.45 1.83

December 217.56 0.95 (0.19) 102.13 (0.11) 2.13

VariationVariationVariation


3.5 Wholesale Prices Index (WPI), Base 1978

Source: Financial and Fiscal Statistic Department

3.6 Industrial Prices Index (IPI)1/, Base January 1998

Source: Financial and Fiscal Statistics Department 1/ Figures revised as to June 2006

120125130135140145150155160165170175180185190

J-05

A J O J-06

A J O J-07

A J O J-08

A J O J-09

A J O J-10

A J O J-11

A J

Industrial Price Index (IPI)General Index

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

J-05A J OJ-06A J OJ-07A J OJ-08A J OJ-09A J OJ-10A J OJ-11A J

%Industrial Price Index (IPI)

Monthly Variation

Jul-11Index Monthly Annual Accumulated

GENERAL INDEX 175.32 1.9 15.2 9.8

31 Alimentary products, beverages and tobacco 125.40 0.4 6.4 4.5

32 Textiles, dressing clothes and leather's industry 192.90 0.1 4.7 3.7

33 Wood industry and its products, includes furniture 152.63 1.0 1.6 1.7

34 Paper manufacture and paper's products, printing and editorials 85.54 0.0 0.0 0.0

35Manufacturing of chemical substances and products,

petroleum, carbon, rubber and plastic derived251.91 3.9 29.8 18.2

36Manufacturing of minerals non metallic products excepting

petroleum derived and carbon158.17 0.1 8.5 3.5

37 Metallic basic industries 190.41 3.8 16.0 11.5

38 Manufacture of metallic products, machinery and equipment 124.62 0.0 0.9 0.5

39 Others manufacturing industries 106.02 0.0 0.0 0.0

DescriptionRate

-20

-15

-10

-5

0

5

10

15

20

25

J-07

A J O J-08

A J O J-09

A J O J-10

A J O J-11

A J

%Wholesale Price Index (WPI)

Annual Variation

Including Coffee

Excluding Coffee

Monthly Annual Accum. Monthly Annual Accum.

January, 2007 565.86 (1.32) 1.50 (1.32) 622.04 (1.96) 1.27 (1.96)

February 569.31 0.61 (1.47) (0.72) 625.84 0.61 (1.78) (1.36)March 577.79 1.49 2.64 0.76 634.66 1.41 2.45 0.03

April 586.87 1.57 4.03 2.34 646.34 1.84 4.17 1.87

May 594.96 1.38 3.69 3.76 654.81 1.31 3.58 3.20

June 604.07 1.53 2.70 5.34 665.67 1.66 2.40 4.92

July 591.02 (2.16) 1.72 3.07 651.10 (2.19) 1.50 2.62August 609.22 3.08 3.64 6.24 673.36 3.42 3.94 6.13

September 615.19 0.98 5.45 7.28 682.19 1.31 5.84 7.52

October 625.53 1.68 10.58 9.09 695.35 1.93 11.30 9.59

November 634.16 1.38 9.49 10.59 703.21 1.13 10.00 10.83December 635.37 0.19 10.81 10.80 700.54 (0.38) 10.41 10.41

January, 2008 642.42 1.11 13.53 1.11 707.61 1.01 13.76 1.01

February 643.00 0.09 12.94 1.20 707.40 (0.03) 13.03 0.98March 664.09 3.28 14.93 4.52 730.18 3.22 15.05 4.23

April 681.55 2.63 16.13 7.27 749.97 2.71 16.03 7.06

May 687.76 0.91 15.60 8.25 757.62 1.02 15.70 8.15

June 711.11 3.39 17.72 11.92 784.50 3.55 17.85 11.99July 724.44 1.87 22.57 14.02 799.34 1.89 22.77 14.10

August 699.95 (3.38) 14.89 10.16 772.08 (3.41) 14.66 10.21

September 688.61 (1.62) 11.93 8.38 760.11 (1.55) 11.42 8.50

October 636.41 (7.58) 1.74 0.16 702.88 (7.53) 1.08 0.33

November 617.32 (3.00) (2.66) (2.84) 677.08 (3.67) (3.72) (3.35)December 591.83 (4.13) (6.85) (6.85) 649.79 (4.03) (7.24) (7.24)

January, 2009 575.85 (2.70) (10.36) (2.70) 629.59 (3.11) (11.03) (3.11)

February 578.96 0.54 (9.96) (2.17) 631.85 0.36 (10.68) (2.76)March 588.51 1.65 (11.38) (0.56) 643.29 1.81 (11.90) (1.00)

April 592.81 0.73 (13.02) 0.17 648.89 0.87 (13.48) (0.14)

May 596.72 0.66 (13.24) 0.83 652.97 0.63 (13.81) 0.49

June 606.90 1.70 (14.66) 2.55 664.79 1.81 (15.26) 2.31July 603.71 (0.52) (16.67) 2.01 660.14 (0.70) (17.41) 1.59

August 606.72 0.50 (13.32) 2.52 666.48 0.96 (13.68) 2.57

September 602.11 (0.76) (12.56) 1.74 663.08 (0.51) (12.77) 2.04

October 601.60 (0.08) (5.47) 1.65 662.41 (0.10) (5.76) 1.94November 610.60 1.50 (1.09) 3.17 671.62 1.39 (0.81) 3.36

December 607.79 (0.46) 2.70 2.70 664.23 (1.10) 2.22 2.22

January, 2010 610.59 0.46 6.03 0.46 665.50 0.19 5.70 0.19

February 614.00 0.56 6.05 1.02 669.89 0.66 6.02 0.85March 616.89 0.47 4.82 1.50 673.24 0.50 4.66 1.36

April 621.08 0.68 4.77 2.19 676.67 0.51 4.28 1.87

May 613.26 (1.26) 2.77 0.90 665.71 (1.62) 1.95 0.22

June 614.48 0.20 1.26 1.10 665.84 0.02 0.16 0.24July 619.40 0.80 2.60 1.91 674.50 1.30 2.18 1.55

August 634.26 2.40 4.50 4.36 681.45 1.03 2.25 2.59

September 629.95 (0.68) 4.62 3.65 678.24 (0.47) 2.29 2.11

October 652.76 3.62 8.51 7.40 690.59 1.82 4.25 3.97November 646.16 (1.01) 5.82 6.31 699.70 1.32 4.18 5.34

December 651.07 0.76 7.12 7.12 705.23 0.79 6.17 6.17

January, 2010 677.96 4.13 11.04 4.13 734.22 4.11 10.33 4.11

February 681.01 0.45 10.91 4.60 736.56 0.32 9.95 4.44March 704.99 3.52 14.28 8.28 759.06 3.05 12.75 7.63

April 736.93 4.53 18.65 13.19 792.98 4.47 17.19 12.44

May 731.77 (0.70) 19.33 12.39 784.19 (1.11) 17.80 11.20

June 726.36 (0.70) 18.21 11.56 775.87 (1.06) 16.52 10.02July 730.28 0.54 17.90 12.17 780.84 0.64 15.77 10.72

MonthIndex Inc.

Coffee

Variation VariationIndex Exc.

Coffee

Monthly Statistical Bulletin External Sector Jul, 2011

4.

1. Salvadoran products exports increased during the first seven months of the year and amounted to

US$3,245.7 mln, 23.7% more than the report for January-July 2010.

2. Traditional exports reached US$486.7 mln, reporting a spike of 87.3%, relative to a similar period in

2010, while non-traditional exports totaled US$2,037.9 mln, and a growth of 17.5% against January-

July of the previous year; maquila followed a similar trend reaching US$721.0 mln. i.e. 14.6% increase.

3. Coffee exports as of July of the current year reached US$380.0 mln, 129.5% more than in the same pe-

riod in 2010.

4. Concerning the destination of Salvadoran exports as of July 2011, the United States takes the lead with

US$1,479.4 mln. being the main purchaser with 45.6% of the total exports; this is followed by the Gua-

temalan market with 12.6% of the total with sales reaching US$409.4 mln, and in third place is Hondu-

ras with 12.5% share and a value of US$405.2 mln.

5. Imports totaled US$5,973.3 mln, showing a growth of 22.7% against those made in January-July 2010.

Among such exports, the category that showed more dynamism was intermediate goods growing 25.3%

and reaching US$2,659.9 mln; capital goods also showed a positive growth rate rising to 19.7% and an

import value of US$722.5 mln; consumer goods showed a growth of 16.5% and reached US$1,993.7

mln; maquila followed a similar growing trend, with a spike of the 38.9% and an imported value of

US$597.2 mln.

6. Purchase of oil and oil byproducts made by El Salvador between January and July reached US$1,023.8

mln, 29.7% more than in the same period of 2010. For this period, average price of crude was US$106.3

per barrel; this is 41.5% higher than that reported for a similar period last year.

7. At the end of July this year, the balance of trade had a deficit of US$2,727.6 mln; this amount shows a

21.5% increase against the same period in the previous year.

8. Net International Reserves (NIR) of the country reported US$2,878.6 mln. at the end of July 2011, an

amount 10.3% higher relative to the report in July of 2010. This NIR level covers a period of some 3

month and a half of imports.

9. From January to July 2011, Salvadorans living abroad have sent family remittances for a total of

US$2,114.9 mln. Just in July the country received US$301.4 mln dollars in remittances.


4.1 Quarterly Balance of Payments1/

Source: Balance of Payments Department 1/ Preliminary Figures

4.2 Family Remittances

Source: Balance of Payments Department

Month Million of US$ Variation Million of US$ Variation

January 248.6 -8.1 228.1 -8.2 250.7 9.9

February 270.9 -8.4 263.2 -2.9 279.6 6.2

March 309.3 -8.6 337.0 9.0 335.5 -0.5

April 281.8 -15.7 296.3 5.1 309.2 4.4

May 296.3 -13.8 319.2 7.7 338.6 6.1

June 286.9 -13.8 294.2 2.5 299.9 1.9

July 275.4 -16.2 286.8 4.2 301.4 5.1

August 285.2 -4.8 287.0 0.6

September 269.4 -11.1 260.5 -3.3

October 278.1 -8.2 269.8 -3.0

November 259.0 -1.4 262.7 1.4

December 326.2 -1.0 326.1 0.0

TOTAL 3387.2 3431.0 2114.9

20102009 2011

Million of US$

150

200

250

300

350

400


Family Remittances,

Jan 2008-July 2011, Millions of US$

Credits Debits Balance Credits Debits Balance Credits Debits Balance Credits Debits Balance

1. Current Account 2,340.9 2,525.9 (185.0) 2,395.1 2,429.2 (34.1) 2,312.6 2,630.4 (317.7) 2,574.1 2,771.4 (197.3)

A. Goods and Services 1,371.2 2,375.1 (1,003.9) 1,453.7 2,315.2 (861.5) 1,402.2 2,428.6 (1,026.4) 1,633.7 2,597.2 (963.4)

a. Goods-FOB 1,132.4 2,106.4 (974.1) 1,186.3 2,045.3 (859.0) 1,148.9 2,142.8 (993.8) 1,416.0 2,347.6 (931.6)

1. General Merchandise 825.8 1,898.6 (1,072.8) 839.2 1,828.6 (989.3) 822.9 1,937.1 (1,114.2) 1,104.5 2,109.2 (1,004.8)

2. Goods for Transformation 276.9 185.6 91.2 321.7 193.2 128.5 296.7 181.2 115.6 282.9 211.0 71.9

3. Repair of Goods 20.5 8.1 12.3 15.2 6.6 8.6 20.6 8.2 12.4 20.1 8.5 11.6

4. Goods Adquired in Port 6.9 14.0 (7.2) 7.4 16.9 (9.6) 7.3 16.3 (9.0) 8.4 18.8 (10.4)

5. Non Monetary Gold 2.4 0.0 2.4 2.8 0.0 2.8 1.4 0.0 1.4 0.0 0.0 0.0

b. Services 238.9 268.7 (29.8) 267.4 269.9 (2.5) 253.3 285.9 (32.6) 217.8 249.6 (31.8)

1. Transports 68.5 118.4 (49.9) 83.7 115.2 (31.6) 78.9 119.9 (41.0) 83.2 113.8 (30.6)

Charges 1.4 84.1 (82.7) 1.5 82.6 (81.0) 1.9 87.0 (85.2) 1.7 84.5 (82.8)

Othes 67.1 34.3 32.8 82.2 32.7 49.5 77.1 32.9 44.2 81.6 29.3 52.2

2. Travels 101.4 51.1 50.3 109.4 53.8 55.6 95.4 65.1 30.3 66.4 51.5 14.9

3. Communications 46.0 7.5 38.5 48.7 11.9 36.7 43.2 14.3 28.9 37.4 7.0 30.4

4. Construction 2.6 2.2 0.4 2.8 1.0 1.8 5.0 0.5 4.5 2.4 0.6 1.8

5. Insurances 4.7 32.5 (27.8) 6.8 28.7 (21.9) 10.2 33.8 (23.6) 15.2 29.6 (14.4)

6. Financial 0.2 1.6 (1.5) 2.0 1.6 0.4 0.8 1.1 (0.2) 0.3 2.9 (2.6)

7. Information Services 0.5 1.9 (1.4) 0.1 3.2 (3.1) 0.1 1.0 (0.8) 0.2 2.1 (1.9)

8. Royalties 0.1 6.4 (6.4) 0.1 11.2 (11.1) 0.1 7.2 (7.1) 0.0 6.6 (6.6)

9. Personal, cultural and recreational 0.0 0.7 (0.6) 0.0 0.2 (0.2) 0.0 0.2 (0.2) 0.0 0.2 (0.2)

10. Government Services 8.8 13.0 (4.3) 7.1 8.4 (1.3) 6.9 8.6 (1.6) 8.3 8.5 (0.2)

11. Others Enteprises Services 6.4 33.4 (27.0) 6.8 34.7 (27.9) 12.5 34.3 (21.7) 4.3 26.6 (22.4)

B. Revenue 14.4 131.2 (116.8) 24.1 97.3 (73.2) 15.2 176.9 (161.8) 17.2 158.4 (141.2)

1. Employees Remunerations 4.3 5.3 (1.0) 4.0 5.6 (1.6) 4.3 5.8 (1.5) 3.9 6.1 (2.2)

2. Investment Revenue 10.1 125.9 (115.8) 20.2 91.7 (71.6) 10.9 171.1 (160.2) 13.3 152.3 (139.0)

C. Current Transferers 955.3 19.6 935.7 917.3 16.7 900.6 895.2 24.8 870.5 923.2 15.8 907.4

1. General Government 2.4 0.0 2.4 51.4 0.0 51.4 2.3 0.0 2.3 18.1 0.0 18.1

2. Other Sectors 952.9 19.6 933.3 865.9 16.7 849.2 892.9 24.8 868.1 905.1 15.8 889.3

Family Remittances 909.6 0.0 909.6 834.4 0.0 834.4 858.6 0.0 858.6 865.8 0.0 865.8

Others 43.3 19.6 23.7 31.6 16.7 14.9 34.3 24.8 9.5 39.3 15.8 23.5

2. Capital and Financial Accounts 596.2 590.8 5.4 485.1 568.6 (83.5) 789.9 600.3 189.6 1,151.0 600.3 550.7

2.1 Capital Account 46.1 0.2 45.9 61.5 0.4 61.1 67.6 0.2 67.4 84.7 0.2 84.5

Transferences of Capital 46.1 0.2 45.9 61.5 0.4 61.1 67.6 0.2 67.4 84.7 0.2 84.5

General Government 26.0 0.0 26.0 44.8 0.0 44.8 27.7 0.0 27.7 66.5 0.0 66.5

Other Sectors 20.1 0.2 19.9 16.7 0.4 16.3 39.9 0.2 39.7 18.2 0.2 18.0

Non-produced non-financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2.2 Financial Account 550.1 590.6 (40.5) 423.6 568.2 (144.6) 722.3 600.1 122.2 1,066.3 600.1 466.2

a) Assets (Inc. Reserve Assets) 201.1 319.7 (118.7) 253.3 270.7 (17.4) 95.3 384.6 (289.3) 286.3 388.3 (101.9)

1. Direct Investments abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.0)

2. Portfolio Investment 8.4 45.3 (36.9) 48.9 14.7 34.2 2.1 12.4 (10.3) 31.3 2.8 28.5

3. Other Investment 192.7 195.7 (3.0) 34.6 256.0 (221.3) 93.2 199.7 (106.6) 255.1 33.1 222.0

b) Liabilities 349.0 270.9 78.2 170.3 297.5 (127.2) 627.0 215.5 411.6 780.0 211.9 568.1

1. Direct Investments 164.8 0.0 164.8 0.0 119.4 (119.4) 172.9 0.0 172.9 170.9 0.0 170.9

2. Portfolio Investments 67.8 16.7 51.1 5.1 0.0 5.1 0.0 14.0 (14.0) 347.8 0.0 347.8

3. Other Investments 116.5 254.2 (137.7) 165.2 178.1 (12.9) 454.1 201.5 252.7 261.3 211.9 49.5

c) Reserve Assets 0.0 78.8 (78.8) 169.7 0.0 169.7 0.0 172.5 (172.5) 0.0 352.4 (352.4)

Errors and Omissions 179.6 0.0 179.6 117.6 0.0 117.6 128.1 0.0 128.1 0.0 353.4 (353.4)

TOTAL 3,116.7 3,116.7 0.0 2,997.8 2,997.8 0.0 3,230.6 3,230.6 0.0 3,725.1 3,725.1 0.0

Oct-Dec/2010 1/Apr-Jun/2010 1/ Jul-Sep/2010 1/ Jan-Mar/2011 1/


4.3 Trade Balance July, In million of US$ and Kilograms

4.3.1 Economic Classification of Imports July, In million of US$ and Kilograms

Source: Balance of Payments Department 1/ Preliminary Figures

Source: Balance of Payments Department 1/ Preliminary Figures * Includes petroleum oil or bituminous mineral except for crude oils, this preparation includes a content higher or equal to 70% in weight of petroleum oils or bitu-

minous mineral (including fuel, diesel oil, fuel oil, oils and lubricating grease)

2009 1/ 20101/ 2011 1/Variation

Value Volume Value Volume Value Volume Value Volume Value Volume

10/09 11/10

I. Consumer Goods 1563.6 1452.9 1711.7 1402.6 1993.7 1559.4 9.5 -3.5 16.5 11.2

A. Non Durables 1355.4 1418.2 1487.0 1362.7 1748.5 1519.4 9.7 -3.9 17.6 11.5

Petroleum's oils *, gaseous hydrocarbons 202.7 360.7 275.2 352.6 341.5 355.4 35.8 -2.2 24.1 0.8

B. Durables 208.3 34.7 224.7 39.9 245.1 40.0 7.9 14.9 9.1 0.4

II. Intermediates 1704.9 2307.0 2123.0 2568.2 2659.9 2653.0 24.5 11.3 25.3 3.3

A. Manufacture Industry 1355.4 1846.0 1697.0 1963.3 2089.2 1996.3 25.2 6.4 23.1 1.7

Petroleum 201.9 538.3 286.6 547.0 327.2 436.7 41.9 1.6 14.2 -20.2

Petroleum's oils * 185.3 414.8 227.3 370.3 355.1 435.3 22.7 -10.7 56.2 17.6

B. Agricultural 148.2 236.7 152.9 267.2 218.9 254.5 3.2 12.9 43.2 -4.8

Fertilizers 64.8 195.5 60.7 222.8 73.0 198.4 -6.3 14.0 20.2 -10.9

C. Construcction 166.4 215.7 243.8 327.8 303.3 391.6 46.5 52.0 24.4 19.5

D. Others 34.9 8.6 29.3 9.9 48.5 10.6 -16.1 14.9 65.6 7.2

III. Capital Goods 629.5 100.7 603.4 91.3 722.5 92.4 -4.2 -9.3 19.7 1.2

A. Manufacture Industry 221.6 20.1 235.9 20.2 264.2 21.7 6.5 0.5 12.0 7.8

B. Transport 199.9 62.1 179.9 52.2 212.0 46.6 -10.0 -16.0 17.8 -10.6

Vehiculs 38.5 13.6 37.1 11.5 43.9 12.6 -3.6 -15.2 18.3 9.3

C. Agricultural 8.3 2.4 12.2 3.8 29.8 7.7 47.2 59.8 144.1 102.2

D. Construcction 47.5 6.3 47.0 6.7 58.7 7.3 -1.0 6.6 25.0 7.8

E. Commerce 54.1 1.6 61.3 1.6 82.3 1.8 13.4 0.4 34.3 13.3

F. Services 21.7 2.1 21.1 1.5 24.1 1.9 -2.8 -29.4 13.9 24.5

G. Electric., Water and Serv. 76.2 6.0 45.6 5.2 51.2 5.3 -40.2 -12.4 12.2 1.8

H. Banking 0.3 0.1 0.4 0.1 0.3 0.1 20.5 1.7 -27.3 -33.4

IV. Maquila 341.5 97.2 430.0 81.6 597.2 131.8 25.9 -16.1 38.9 61.5

Total 4239.5 3957.8 4868.1 4143.7 5973.3 4436.6 14.8 4.7 22.7 7.1

2009 1/ 2010 1/ 2011 1/ Variation

Value Volume Value Volume Value Volume Value Volume Value Volume

I. Exports - FOB 2334.0 1506.3 2623.9 1554.6 3245.7 1647.9 12.4 3.2 23.7 6.0

A. Traditionals 269.1 309.0 259.9 277.7 486.7 317.2 -3.4 -10.1 87.3 14.2

1- Coffee 189.1 65.9 165.6 51.8 380.0 86.2 -12.4 -21.4 129.5 66.4

2- Sugar 79.7 243.1 93.9 225.9 106.4 231.0 17.8 -7.1 13.2 2.3

3- Shrimp 0.2 0.1 0.4 0.1 0.3 0.0 78.3 7.3 -20.3 -34.1

B. Non Traditionals 1512.3 1083.7 1735.1 1203.8 2037.9 1238.6 14.7 11.1 17.5 2.9

1- Central America 807.3 616.5 908.7 645.3 1078.2 729.6 12.6 4.7 18.6 13.1

2- Rest of the World 705.0 467.2 826.3 558.6 959.7 509.0 17.2 19.6 16.1 -8.9

C. Maquila 552.6 113.6 628.9 73.1 721.0 92.0 13.8 -35.7 14.6 26.0

II. Imports - CIF 4239.5 3957.8 4868.1 4143.7 5973.3 4436.6 14.8 4.7 22.7 7.1

A. Central America 848.2 984.3 905.8 1048.3 1065.1 1205.1 6.8 6.5 17.6 15.0

B. Rest of the World 3049.8 2876.3 3532.3 3013.8 4311.0 3099.7 15.8 4.8 22.0 2.9

C. Maquila 341.5 97.2 430.0 81.6 597.2 131.8 25.9 -16.1 38.9 61.5

III. Trade Balance -1905.6 -2451.4 -2244.2 -2589.1 -2727.6 -2788.7 17.8 5.6 21.5 7.7

11/10 10/09

Technical note: On the recommendation of IMF technical assistance, There have been revisions to the numbers, for

more information refer to the technical note on improvements http://www.bcr.gob.sv/Statistics/Statistics/Statistics

Tables/External Sector.


4.3.2 Exports and Imports by Country July, In Thousand of US$

Source: Balance of Payments Department 1/ Preliminary Figures Figures do not include maquila

Country or Region

Value % of Total Value % of Total Value % of Total

NAFTA 1,588,459 48.9 2,801,254 46.90 -1,212,795 44.46

Canada 57,812 1.8 32,076 0.54 25,736 -0.94

United States 1,479,419 45.6 2,306,722 38.62 -827,303 30.33

Mexico 51,228 1.6 462,457 7.74 -411,228 15.08

Central America 1,108,862 34.2 1,135,193 19.00 -26,332 0.97

Costa Rica 121,333 3.7 172,954 2.90 -51,621 1.89

Guatemala 409,420 12.6 575,912 9.64 -166,492 6.10

Honduras 405,234 12.5 278,588 4.66 126,646 -4.64

Nicaragua 172,874 5.3 107,739 1.80 65,135 -2.39

Andine Pact 12,263 0.4 424,332 7.10 -412,069 15.11

Bolivia 992 0.0 82 0.00 910 -0.03

Colombia 1,287 0.0 106,007 1.77 -104,719 3.84

Ecuador 2,141 0.1 160,941 2.69 -158,801 5.82

Peru 1,093 0.0 14,959 0.25 -13,866 0.51

Venezuela 6,750 0.2 142,342 2.38 -135,592 4.97

MERCOSUR 2,977 0.1 128,707 2.15 -125,729 4.61

Argentina 305 0.0 12,260 0.21 -11,955 0.44

Brazil 2,473 0.1 95,997 1.61 -93,524 3.43

Paraguay 128 0.0 853 0.01 -725 0.03

Uruguay 71 0.0 19,596 0.33 -19,525 0.72

European Union 242,663 7.5 333,855 5.59 -91,192 3.34

Germany 119,458 3.7 79,651 1.33 39,807 -1.46

Austria 226 0.0 3,701 0.06 -3,475 0.13

Belgium 19,604 0.6 29,663 0.50 -10,060 0.37

Denmark 59 0.0 7,292 0.12 -7,233 0.27

Spain 49,492 1.5 64,678 1.08 -15,186 0.56

Finland 1,836 0.1 7,517 0.13 -5,681 0.21

France 4,026 0.1 25,745 0.43 -21,720 0.80

Greece 10 0.0 145 0.00 -135 0.00

Holland 5,712 0.2 26,995 0.45 -21,283 0.78

Ireland 13 0.0 8,078 0.14 -8,064 0.30

Italy 18,824 0.6 40,099 0.67 -21,275 0.78

Luxembourg - - 3,486 0.06 -3,486 0.13

Portugal 407 0.0 6,599 0.11 -6,192 0.23

United Kingdom 11,002 0.3 15,507 0.26 -4,505 0.17

Sw eden 11,993 0.4 14,698 0.25 -2,705 0.10

Asia 107,972 3.3 705,102 11.80 -597,129 21.89

ASEAN4 6,781 0.2 45,804 0.77 -39,024 1.43

Philippines 17 0.0 550 0.01 -534 0.02

Indonesia 1,608 0.0 10,633 0.18 -9,025 0.33

Malaysia 1,761 0.1 8,868 0.15 -7,107 0.26

Thailand 3,395 0.1 25,753 0.43 -22,358 0.82

Hong Kong 2,635 0.1 44,439 0.74 -41,804 1.53

Japan 38,272 1.2 104,553 1.75 -66,281 2.43

Singapore 19 0.0 6,163 0.10 -6,144 0.23

Taiw an 29,359 0.9 76,825 1.29 -47,466 1.74

Others Asian 30,906 1.0 427,317 7.15 -396,411 14.53

Others 182,470 5.6 444,846 7.45 -262,376 9.62

Panama 63,976 2.0 113,779 1.90 -49,803 1.83

Chile 21,620 0.7 55,278 0.93 -33,659 1.23

Dominic Republic 43,738 1.3 2,959 0.05 40,779 -1.50Rest 53,137 1.6 272,830 4.57 -219,693 8.05

TOTAL 3,245,666 100.0 5,973,288 100.00 -2,727,622 100.00

BalanceImportsExports


4.3.4 Classification of Imports by Importance Order Jan-July, In Thousand of US$

4.3.3 Classification of Exports by Importance Order Jan-July, In Thousand of US$

Source: Balance of Payments Department Figures do not include maquila

Source: Balance of Payments Department Figures do not include maquila

2011 Partic. 2010 Partic.

C.A. Out of C.A. Total % C.A. Out of C.A. Total % Absolute Relative

1 Coffee, even roasted or decaffeinated 882 379,133 380,015 15.05 940 164,675 165,614 8.30 214,401 129.5

2 Underwear and clothing accessories 44,458 297,238 341,696 13.53 37,328 234,592 271,920 13.63 69,776 25.7

3 Outerwear clothing 34,187 145,430 179,616 7.11 32,259 123,428 155,687 7.80 23,929 15.4

4 Unrefined sugar 1 106,358 106,358 4.21 3 93,925 93,929 4.71 12,429 13.2

5 Boxes, bags, bottles, corks and other packaging plastics 61,956 22,632 84,588 3.35 49,914 16,537 66,451 3.33 18,137 27.3

6 Iron, steel and other manufacturing 54,797 21,797 76,594 3.03 40,985 12,254 53,239 2.67 23,355 43.9

7 M edicinal preparations 43,881 20,828 64,709 2.56 42,820 19,476 62,297 3.12 2,412 3.9

8 Other textiles and textile articles 57,865 6,256 64,121 2.54 53,290 6,926 60,216 3.02 3,905 6.5

9 Toillet paper, cut for domestic use 54,532 8,042 62,574 2.48 47,420 3,932 51,352 2.57 11,221 21.9

10 Pearls, precious stones and metals except gold 77 58,351 58,428 2.31 180 44,050 44,230 2.22 14,198 32.1

11 Water, mineral water aerated, purée or flavoured, and other alcohol not drinking 36,014 18,420 54,435 2.16 31,584 19,188 50,772 2.54 3,663 7.2

12 Other products of the industry food 28,897 23,258 52,155 2.07 24,187 19,963 44,150 2.21 8,005 18.1

13 M achinery, appliances and electrical material 37,484 11,257 48,741 1.93 35,041 11,002 46,043 2.31 2,699 5.9

14 Bakery products, cakes and biscuits 41,402 6,716 48,118 1.91 32,283 6,050 38,333 1.92 9,785 25.5

15 Rolled products of iron or steel 45,451 829 46,280 1.83 30,479 3,061 33,540 1.68 12,740 38.0

16 Paper and cardboard packaging 27,630 14,491 42,122 1.67 23,504 10,540 34,044 1.71 8,077 23.7

17 Oils and greases 28,563 13,527 42,089 1.67 19,377 8,556 27,933 1.40 14,156 50.7

18 Products from cereals obtained by the swelling or roasting 34,293 73 34,366 1.36 20,512 80 20,592 1.03 13,774 66.9

19 Cotton yarn 28,854 4,104 32,959 1.31 18,005 2,476 20,482 1.03 12,477 60.9

20 Fruit juices 15,078 17,364 32,443 1.29 12,321 13,724 26,045 1.31 6,397 24.6

21 Fermented foods obtained by swelling or roasting 30,060 1,979 32,039 1.27 31,649 3,244 34,892 1.75 -2,854 -8.2

22 Preparations, organic surface-active surface for washing and cleaning (detergents) 22,380 4,543 26,923 1.07 21,296 5,597 26,893 1.35 30 0.1

23 Bed linen, table and kitchen 3,676 22,551 26,227 1.04 3,122 19,904 23,026 1.15 3,201 13.9

24 Articles of aluminum 15,918 9,696 25,614 1.01 12,329 6,546 18,875 0.95 6,739 35.7

25 Plates, sheets, fo il and plastic film 21,802 3,386 25,188 1.00 20,419 3,671 24,090 1.21 1,098 4.6

26 Others 308,929 227,304 536,233 21.24 268,438 231,886 500,324 25.08 35,909 7.2

T o tal 1,079,068 1,445,562 2,524,630 100 909,686 1,085,284 1,994,970 100 529,660 26.5

Total VariationProducto

2011 P art ic. 2010 P art ic.

C .A .Out of C.A.

T o tal % C .A .Out of C.A.

T o tal %Absolute Relative

Petro leum oils and other mineral o il 1,311 1,022,490 1,023,801 19.04 1,758 787,382 789,140 17.8 234,661 29.7

M achines and mechanical appliances (except informatica, fridge and spare parts of vehicles) 6,894 236,935 243,829 4.54 4,219 216,977 221,197 5.0 22,632 10.2

M edicines and other pharmaceutical products 20,741 214,922 235,662 4.38 19,437 185,383 204,819 4.6 30,843 15.1

Iron raw, sheets, rods, tubes, wires, nails. 81,232 154,195 235,427 4.38 59,511 132,962 192,472 4.3 42,955 22.3

Plastics in primary forms 3,602 183,649 187,250 3.48 2,140 136,438 138,578 3.1 48,672 35.1

Clothing and accessories, bedding, table 49,808 116,545 166,353 3.09 41,134 90,394 131,529 3.0 34,824 26.5

M otor, chassis, carrocerrias, and trailers 9,834 108,763 118,597 2.21 6,350 55,324 61,674 1.4 56,923 92.3

Corn 316 113,320 113,636 2.11 633 95,897 96,531 2.2 17,105 17.7

Paper and cardboard (with or without coating, coated, impregnated) 6,134 104,737 110,870 2.06 5,072 88,336 93,408 2.1 17,463 18.7

Telephony electrical appliances or telegraphy. 1,272 98,368 99,640 1.85 1,270 89,088 90,359 2.0 9,281 10.3

Inorganic and organic chemicals 14,375 77,628 92,002 1.71 13,575 66,317 79,893 1.8 12,110 15.2

Cotton not carded, combed, and waste 199 81,786 81,985 1.53 101 32,796 32,897 0.7 49,088 149.2

Vegetables, uncooked or cooked or dried 68,722 11,731 80,454 1.50 53,009 8,626 61,635 1.4 18,819 30.5

Perfumery and cosmetics 29,945 46,284 76,229 1.42 25,847 40,815 66,662 1.5 9,567 14.4

Knitted 432 74,574 75,006 1.40 338 55,643 55,982 1.3 19,024 34.0

Computing equipment, units, parts and accessories. 15,935 58,231 74,166 1.38 9,111 52,403 61,514 1.4 12,652 20.6

Tubes, plates, sheets and films of plastic 6,328 66,640 72,967 1.36 5,685 55,012 60,696 1.4 12,271 20.2

Plastic items (bottles, for domestic use.) 28,276 39,280 67,557 1.26 25,440 46,532 71,972 1.6 -4,415 -6.1

M ineral or chemical 16,493 49,662 66,156 1.23 13,633 42,933 56,566 1.3 9,590 17.0

Wheat 48,056 11,523 59,578 1.11 43,017 10,526 53,544 1.2 6,035 11.3

Vegetables, uncooked or cooked or dried 45,599 12,826 58,425 1.09 43,952 3,791 47,743 1.1 10,682 22.4

M ilk (except powdered), and dairy 10 58,300 58,310 1.08 5 35,453 35,457 0.8 22,852 64.5

Soap, washing surface-active preparations 42,080 11,784 53,864 1.00 36,295 12,891 49,186 1.1 4,678 9.5

Toilet paper, napkins and other paper items 1,800 50,982 52,782 0.98 1,369 43,769 45,138 1.0 7,644 16.9

M otors, filters, accumulators, and parts for automobiles 23,382 27,889 51,271 0.95 20,053 26,657 46,710 1.1 4,560 9.8

Others 542,330 1,277,929 1,820,259 33.86 472,857 1,119,968 1,592,825 35.9 227,434 14.3

T o tal 1,065,104 4,310,973 5,376,076 100 905,811 3,532,315 4,438,126 100 937,950 21.1

P ro duct

Total Variation


4.3.5 Graphics

-2900

-2500

-2100

-1700

-1300

-900

-500

-100

2009 2010 2011

Trade Balance,January-Jul 2009/2011, Million of US$

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011

Total Exports and Imports,January-Jul 2009/2011, Million of US$

Exports FOB Imports CIF

0

300

600

900

1,200

1,500

1,800

2,100

2009 2010 2011

Exports Classification,January-Jul 2009/2011, Million of US$

Traditionals Non Traditionals Maquila

0

400

800

1200

1600

2000

2400

2800

2009 2010 2011

Imports Classification,January-Jul 2009/2011, Million of US$

Consumer Intermediate Capital Maquila

0

10

20

30

40

50

60

70

80

90

E-08 A J O E-09 A J O E-10 A J O J-11 A J

20

70

120

170

220

270

Value and Price of Coffee Exports, January-Jul 2008/2011

PRICE VALUE

Million of US$ US$ per qq

0

50

100

150

200

250

300


20

40

60

80

100

120

140

160

Value and Price of Crude Petroleum Imports, January- Jul 2008/2011

PRICE VALUE

.

US$ per BarrelMillion of US$


4.4 Nominal Exchange Rate with Respect to US Dollar



Month Guatemala Honduras Mexico

January, 2007 7.70 18.90 11.04

February 7.72 18.90 11.21

March 7.70 18.90 11.02

April 7.6725 18.90 10.92

May 7.67 18.90 10.74

June 7.73 18.91 10.80

July 7.69 18.90 10.92

August 7.69 18.90 11.09

September 7.77 18.90 10.92

October 7.70 18.90 10.74

November 7.68 18.90 10.92

December 7.65 18.90 10.88

January, 2008 7.78 18.90 10.83

February 7.71 18.90 10.67

March 7.62 18.90 10.69

April 7.48 18.90 10.54

May 7.44 18.90 10.33

June 7.54 18.90 10.29

July 7.44 18.90 10.02

August 7.45 18.90 10.25

September 7.44 18.90 11.03

October 7.53 18.90 12.59

November 7.70 18.90 13.20

December 7.80 18.90 13.60

January, 2009 7.87 18.88 14.19

February 8.02 18.89 14.97

March 8.09 18.90 14.30

April 8.05 18.90 13.71

May 8.13 18.90 13.21

June 8.15 18.90 13.18

July 8.22 18.90 13.26

August 8.27 18.90 13.25

September 8.32 18.90 13.53

October 8.31 18.90 13.07

November 8.29 18.90 12.93

December 8.32 18.90 13.01

January, 2010 8.34 18.90 13.06

February 8.19 18.90 12.79

March 8.03 18.90 12.43

April 8.02 18.90 12.21

May 8.01 18.90 12.96

Jun 8.04 18.90 12.88

Jul 8.03 18.90 12.73

August 8.06 18.90 13.16

September 8.14 18.90 12.54

October 8.05 18.90 12.37

November 7.99 18.90 12.51

December 8.01 18.90 12.37

January 2011 7.90 18.90 12.20

February 7.77 18.90 12.12

March 7.71 18.90 11.92

April 7.59 18.90 11.56

May 7.79 18.90 11.61

Jun 7.77 18.90 11.75

Jul 7.78 18.85 11.72

5

10

15

20

E-08

A J O E-09

A J O E-10

A J O J-11 A J

Exchange Rate/USDollar,January -Jul 2008/2011

Honduras Mexico Guatemala

0

200

400

600

800

1,000

1,200

1,400

1,600

USA GUATE. HOND. NICA. C.RICA SPAIN

Exports by Assignment Country,January-Jul 2010/2011, Million of US$

2010 2011

0

300

600

900

1,200

1,500

1,800

2,100

2,400

USA MEX. GUATE. C.RICA BRAZIL HOND. CHINA

Imports by Country Origen,January-Jul 2010/2011, Million of US$

2010 2011

0

20

40

60

80

100

120

140


Maquila, January-Jul 2008/2011,

Million of US$

Exports Imports

60

80

100

120

140

160

180

200


Trade Balance with Central America,

January-Jul 2008/2011 Million of US$

Exports Imports


4.5 Real Exchange Rate Index

Source: Balance of Payments Department 1/ Real Exchange Rate Index (RERI) 2/ Purchase Average Note: an increase of RERI means depreciation

4.6 Net International Reserves (NIR) Balances in Million of US$

Source: Balance of Payments Department According to IMF’s Balance of Payments V Manual, since January 1999, it has included interest earnings and payment for assets and liabilities of the Central Bank

Month 2008 Variation 2009 Variation 2010 Variation 2011 Variation

January 2,222.6 15.7 2,372.1 6.7 3,014.9 27.1 2,769.5 -8.1

February 2,278.6 19.0 2,412.6 5.9 2,844.2 17.9 3,377.6 18.8

March 2,273.1 19.1 2,517.6 10.8 2,606.8 3.5 3,248.7 24.6

April 2,313.7 13.2 2,675.2 15.6 2,736.3 2.3 3,385.2 23.7

May 2,406.3 11.1 2,930.3 21.8 2,629.8 -10.3 3,321.3 26.3

June 2,302.0 7.4 2,782.9 20.9 2,682.9 -3.6 3,057.7 14.0

July 2,264.0 -7.5 2,677.7 18.3 2,610.5 -2.5 2,878.6 10.3

August 2,305.7 -3.5 2,978.9 29.2 2,569.0 -13.8

September 2,260.4 -6.5 2,744.9 21.4 2,531.1 -7.8

October 2,344.2 -2.4 2,930.0 25.0 2,783.1 -5.0

November 2,409.0 5.4 2,732.5 13.4 2,910.2 6.5

December 2,540.9 15.6 2,984.8 17.5 2,882.1 -3.4

1600

2000

2400

2800

3200

3600


Net International Reserves,Millions of US$

90

100

110

120

130

140

J-06 A J O J-07 A J O J-08 A J O J-09 A J O J-10 A J O J-11 A J

-3

-2

-1

0

1

2

3

4

5

6

7

Real Exchange Rate Index (RERI)

USA Inflation

RateIndex

86

88

90

92

94

96

98

100

102

J-06 A J O J-07 A J O J-08 A J O J-09 A J O J-10 A J O J-11 A J

RERI and Bilateral USA

RERI

Bilateral USA

Month RERI 1/

Exchange

Rate2/ Inflation

January, 2007 97.31 8.75 5.55

February 97.98 8.75 4.74

March 98.24 8.75 5.07

April 98.85 8.75 4.43

May 99.81 8.75 3.87

June 99.29 8.75 3.71

July 98.86 8.75 3.16

August 99.04 8.75 3.56

September 98.77 8.75 4.30

October 98.58 8.75 5.45

November 98.42 8.75 6.23

December 99.10 8.75 4.86

January, 2008 98.61 8.75 4.75

February 98.32 8.75 5.82

March 98.84 8.75 5.99

April 98.95 8.75 6.79

May 98.86 8.75 8.40

June 98.50 8.75 9.02

July 98.04 8.75 9.64

August 97.73 8.75 9.89

September 97.71 8.75 8.68

October 96.63 8.75 7.41

November 95.66 8.75 5.29

December 95.27 8.75 5.47

January, 2009 95.43 8.75 3.98

February 95.13 8.75 3.30

March 94.25 8.75 3.29

April 94.96 8.75 2.27

May 95.23 8.75 1.23

June 95.64 8.75 0.16

July 95.72 8.75 -1.27

August 96.13 8.75 -1.57

September 96.39 8.75 -1.34

October 97.27 8.75 -1.60

November 97.99 8.75 -1.37

December 97.01 8.75 -0.19

January, 2010 96.96 8.75 0.80

February 97.27 8.75 1.00

March 97.85 8.75 0.90

April 98.33 8.75 0.60

May 98.17 8.75 0.10

June 97.64 8.75 0.60

July 98.00 8.75 1.00

August 98.46 8.75 1.00

September 98.27 8.75 1.40

October 98.29 8.75 2.80

November 98.15 8.75 1.80

December 98.42 8.75 2.10

January, 2011 98.41 8.75 2.30

February 99.06 8.75 2.40

March 99.57 8.75 2.70

April 97.56 8.75 6.00

May 97.45 8.75 6.70

Junio 97.39 8.75 6.30

Julio 97.30 8.75 6.50


4.6.1 Indicators of NIR Months of Imports


Month 2008 2009 2010 2011

January 3.1 4.4 5.2 4.3

February 3.2 4.5 5.0 4.9

March 3.4 4.5 4.0 3.7

April 2.8 5.2 4.2 4.7

May 3.0 5.3 4.2 3.9

June 3.0 5.0 3.8 3.9

July 2.7 4.3 4.0 3.5

August 3.3 5.9 4.1

September 2.8 5.0 3.9

October 3.1 5.1 4.3

November 3.8 4.3 4.3

December 4.1 5.3 4.1

2.0

3.0

4.0

5.0

6.0

7.0


Months of Imports Financed with NIR

Monthly Statistical Bulletin Monetary Sector Jul, 2011

5.

1. The Central Reserve Bank reported Net International Reserves as of July 31, 2011 reached US$2,878.6

mln, increasing US$268.1 mln against the same period of 2010. Liquidity reserves closed with a bal-

ance of US$2,501.4 mln, experiencing a growth of 13.9% p.a.

2. Deposits accrued from the financial system reported 4.1% p.a. growth, highlighting 16.3% p.aa. and

3.4% p.a. increase in public and private sector deposits respectively.

3. Out of the total deposit of the private sector, growth in sight deposits is stressed, totaling US$2,550.8

mln as of July 201, growing 26.1% p.a. On the other hand, savings deposits closed in US$2,769.4 mln.

showing an annual increase of 11.5% and term deposits closed with a reduction of 13.1% p.a.

4. Credits granted by the banking system closed with a balance of US$8,093.8 mln, experiencing a growth

of 0.9% p.a.

5. Monetary aggregate M3 closed with US$9,483.3 mln, increasing 0.6% p.a. Monetary aggregate M2

amounted to US$8,820.2 mln and M1 currency supplied reflected US$2,555.5 mln. reaching 24.3% p.a.

6. Average interest rate applied to term deposits of 180 days was 1.81%, with a slump of 112 basis points

as of July 2010. Interest rate applied to loans up to one year was 5.82%, dropping in 165 basis points.


5.1 Outlook Central Reserve Bank In million of US$

Source: Monetary Programming Department. 1/ Correspond to bills and coins colones in circulation named in US$. a/ Percentage values over one thousand are omitted. Note: Since January 2001, legal reserve has been replaced by “liquidity reserve”.

2010

July June July Annual Monthly

I. Net Foreign Assets 2,446.56 2,925.20 2,746.20 12.25 -6.12

A. Gross Foreign Assets 2,611.63 3,058.74 2,879.99 10.28 -5.84

B. Short Term Foreign Liabilities -1.13 -1.09 -1.35 19.47 24.42

C. Medium & Long Term Foreign Liabilities -163.94 -132.46 -132.44 -19.21 -0.01

II. Net Domestic Assets -217.02 -815.15 -240.04 10.61 -70.55

A. Loans to Financial Sector 108.56 104.38 104.38 -3.85 0.00

B. Non Fiancial Public Sector- Net 543.14 -132.96 516.86 -4.84 -488.73

C. Liabilities with Non Monetary Financial Institutions -171.66 -119.23 -189.24 10.24 58.71

D. Liabilities in Securities bought by: -508.92 -218.45 -215.08 -57.74 -1.54

1. Commercial Banks and Financiers 0.00 0.00 0.00 0.00 0.00

2. Non Monetary Financial Institutions -77.57 -77.58 -77.58 0.01 0.00

3. Pension Fund Administrators 0.00 0.00 0.00 0.00 0.00

4. Stock Market -72.43 -22.88 -19.50 -73.08 -14.75

5. Private Sector -358.92 -118.00 -118.00 -67.12 0.00

F. Other Net Accounts -188.15 -448.88 -456.97 142.87 1.80

III. Colones in Circulation Plus Liquidity Reserves 2,229.53 2,110.05 2,506.15 12.41 18.77

A. Colones in circulation 1/ 32.75 4.71 4.71 -85.61 0.00

B. Liquidity Reserves 1/ 2,196.78 2,105.33 2,501.44 13.87 18.81

1. Commercial Banks and Financiers 2,156.85 2,058.46 2,455.21 13.83 19.27

2. Credit Official Institutions 1.08 2.27 0.65 -39.59 -71.343. Non-Bank Financiers Intermediaries 38.86 44.61 45.58 17.30 2.19

Variation2011

5.2 Financial System In million of US$

Source: Central Reserve Bank and Financial Institutions’ Balances a/ Percentage values over one thousand are omitted

2010

July June July Annual Monthly

I.- Net Foreign Assets (1 + 2 + 3) 2,948.40 3,412.91 3,267.82 10.83 -4.25

1.- Gross Foreign Assets 3,733.37 4,228.53 4,064.97 8.88 -3.87

a. Central Reserve Bank 2,611.63 3,058.74 2,879.99 10.28 -5.84

b. Banks and Financiers 1,121.74 1,169.78 1,184.98 5.64 1.30

2.- Short Term External Liabilities -18.80 -157.83 -147.36 683.99 -6.63

3.- Medium & Long Term External Liabilities -766.18 -657.79 -649.79 -15.19 -1.22

II.- Net Domestic Assets (1 + 2 + 3 + 4 + 5) 7,351.08 6,729.43 7,115.56 -3.20 5.74

1- Loans and Investmet to Private Sector 8,336.39 8,371.95 8,403.27 0.80 0.37

2- Non Financial Public Sector- Net 535.35 -48.97 405.79 -24.20 -928.69

3- Liabilities with Non Monetary Financial Institutions -280.68 -173.87 -257.57 -8.23 48.14

4- Liabilities with Private Sector- Securities -358.92 -118.00 -118.00 -67.12 0.00

5.- Other Accounts- Net -881.06 -1,301.69 -1,317.94 49.59 1.25

III- Financial Liabilities (1 + 5) 10,299.48 10,142.33 10,383.38 0.81 2.38

1- Money & Quasy-Money (M3) = (2 + 3.1 + 4) 9,423.42 9,262.27 9,483.32 0.64 2.390.00 0.00 0.00 0.00 0.00

2- Numeraire plus Currents Deposits M1 = (2.1 + 2.2) 2,055.48 2,315.03 2,555.46 24.32 10.39

2.1.- Colones in Circulation 32.64 4.63 4.62 -85.86 -0.17

2.2.- Current Deposits 2,022.84 2,310.41 2,550.85 26.10 10.41

3- Monetary Aggregate M2' = M1 + CD 8,561.04 8,582.29 8,820.24 3.03 2.77

3.1- Quasy-Money (3.1.1 + 3.1.2) 6,505.55 6,267.26 6,264.77 -3.70 -0.04

3.1.1- Saving Deposits 2,484.47 2,761.07 2,769.38 11.47 0.30

3.1.2- Term Deposits 4,021.08 3,506.19 3,495.39 -13.07 -0.31

4- Other Liabilities 862.38 679.99 663.09 -23.11 -2.49

5- Private Capital 876.06 880.06 900.06 2.74 2.27

Variation2011


5.4 Interest Rate (Percentages)

Source: Statistical Financial and Fiscal Department

Source: Banks and Financiers Balances

5.3 Deposits, Securities and Credits of Banks and Financiers

Million of US$ Variation Million of US$ Variation Million of US$ Variation

Deposits and Securities

January 9,911.9 0.92 10,169.2 2.60 10,058.0 -1.09

February 9,954.4 0.89 10,285.3 3.32 10,112.1 -1.68

March 9,911.1 -1.00 10,260.1 3.52 10,219.7 -0.39

April 9,947.9 -0.10 10,287.0 3.41 10,240.9 -0.45

May 9,882.4 0.89 10,203.1 3.24 10,049.6 -1.50

June 9,912.2 0.78 10,077.1 1.66 9,980.0 -0.96

July 9,873.8 0.07 10,087.2 2.16 10,267.9 1.79

August 9,992.6 0.64 10,229.4 2.37

September 9,965.6 0.47 10,213.0 2.48

October 9,912.6 0.99 10,174.5 2.64

November 9,952.1 1.20 10,265.3 3.15

December 10,130.0 2.57 10,249.1 1.18

Credit to Private Enterprises

January 8,541.5 2.08 8,163.7 -4.42 8,040.0 -1.52

February 8,475.8 0.43 8,088.9 -4.57 8,035.3 -0.66

March 8,441.2 -0.71 8,089.6 -4.17 8,048.8 -0.50

April 8,397.2 -2.07 8,103.0 -3.50 8,112.8 0.12

May 8,382.7 -2.28 8,040.6 -4.08 8,078.7 0.47

June 8,263.9 -4.32 8,007.0 -3.11 8,063.4 0.70

July 8,256.3 -4.69 8,018.5 -2.88 8,093.8 0.94

August 8,217.0 -6.24 7,983.0 -2.85

September 8,185.1 -6.85 7,914.4 -3.31

October 8,143.3 -7.27 7,928.7 -2.64

November 8,159.2 -6.98 8,003.1 -1.91

December 8,178.9 -6.12 8,061.9 -1.43

2009 2010 2011

Passive Rate Active Rate

Months 180 days Up to 1 Year

January, 2009 5.30 9.56

February 5.18 9.57

March 5.08 9.67

April 5.02 9.57

May 4.86 9.38

June 4.75 9.51

July 4.47 9.28

August 4.19 9.45

September 3.97 9.22

October 3.71 9.03

November 3.63 9.12

December 3.65 8.42

January, 2010 3.59 8.60

February 3.57 8.81

March 3.47 8.22

April 3.20 8.23

May 3.10 7.86

June 2.98 7.49

July 2.93 7.47

August 2.78 7.33

September 2.57 7.07

October 2.32 6.89

November 2.09 6.93

December 1.80 6.59

January, 2011 1.70 6.59

February 1.73 6.56

March 1.72 6.41

April 1.68 6.26

May 1.71 6.34

June 1.82 5.63

July 1.81 5.82

August

September

October

November

December

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

J-09

M M J S N J-10

M M J S N J-11

M M J

%US$ Interest Rate,

Actives and Passives Basics

Passive Rate

Active Rate


5.5 Graphics

Source: Statistical Financial and Fiscal Department

1800

1950

2100

2250

2400

2550

2700

J-09

M M J S N J-10

M M J S N J-11

M M J

Colones in circulation and Liquidity Reserves, Million of US$

1550

1700

1850

2000

2150

2300

2450

2600

J-09

M M J S N J-10

M M J S N J-11

M M J

Monetary Aggregate M1',Million of US$

7750

8000

8250

8500

8750

9000

J-09

M M J S N J-10

M M J S N J-11

M M J

Monetary Aggregate M2'Million of US$

8000

8500

9000

9500

10000

10500

J-09

M M J S N J-10

M M J S N J-11

M M J

Monetary Aggregate M3',Million of US$

7500

7750

8000

8250

8500

8750

9000

J-09

M M J S N J-10

M M J S N J-11

M M J

Banks and Financiers Credit to Private Enterprises, Million of US$

9000

9500

10000

10500

11000

J-09

M M J S N J-10

M M J S N J-11

M M J

Banks and Financiers Total Deposits,Million of US$

Monthly Statistical Bulletin Fiscal Sector Jul, 2011

6.

1. As of July 2011, financial execution of the Non-Financial Public Sector (NFPS) relative to the same

period 2010 had the following results: i) income and donations from NFPS amounted to US$2,542.6

mln, 10.0% (US$231.4 mln) higher than the results in July 2010; thereby, the transfer of movable

goods and services tax, known as VAT, increased in US$78.6 mln, income tax increased US$91.2

mln and consumption tax reached US$14.9 mln; ii) Net expenses and net concessions of NFPS loans

was US$2,897.5 mln, higher in 14.6% (US$369.9 mln) against July 2010 because of the increase in

current expense. iii) Current savings generated in the period was 179.0% (US$135.9 mln) lower than

the same period of 2010; iv) the global result of the month in reference showed a deficit (including

donations) of US$354.9 mln, equivalent to 1.5% of the GDP estimated for 2011.

2. Public investment was US$358.9 mln, 8.6% (US$28.4 mln) higher than that in July 2010, mainly be-

cause of higher investment experienced by the Central Government and the rest of the general gov-

ernment institutions. Thus, the rest of the central government made US$202.7 mln, 0.9% (US$1.8

mln) higher than the report as of July of 2010; the rest of the general government executed $134.2

mln, $30.5 mln more than in the same period of 2010, and NFPS executed an investment of US$21.9

mln.

3. Net foreign financing was US$ -7.6 mln, US$101.4 mln higher against July 2010 because of an in-

crease in disbursements during the year 2011 against the same period of the year 2010. Disbursements

($793.4 mln), are associated with the loans from international organizations and the placing of Euro-

bonds. Foreign amortizations totaled US$801.0 mln, US$629.0 mln higher than those in July 2010;

this is related to the US $653.5 mln payment made in July 2011 of eurobonds.

4. Net internal financing was US$ 362.5 mln, US$37.2 mln higher relative to July 2010, mainly because

of financing from commercial banks.


6.1 Non Financial Public Sector Fiscal Execution Jul. In million of US$

Source: Ministerio de Hacienda 1/ Figures adjusted for Income and Value Added Tax devolutions (P) Preliminary Figures a/ Percentage values over one thousand are omitted

2010 2011(P)

Transactions Ejec. ( 1 ) Ejec. ( 2 ) 3 = ( 2 - 1 ) 4= ( 3 / 1 ) %

I. Revenues and Grants 2,311.3 2,542.6 231.4 10.0

A. Current Revenues 2,230.3 2,440.5 210.3 9.4

1. Tributaries 1,761.2 1,955.2 194.0 11.0

2. Non Tributaries 328.6 331.5 2.8 0.9

3. Public Enterprises Surplus 47.8 47.9 0.1 0.2

4. Public Financial Institutions Transferences 92.6 105.9 13.3 14.4

B. Capital Revenues 0.1 0.1 0.0 0.0

C. Grants 80.9 102.0 21.1 26.1

II. Expenditures and Net Lending Concession 2,527.5 2,897.5 369.9 14.6

A. Current Expenditures 2,154.4 2,500.5 346.1 16.1

1. Consumption 1,427.5 1,597.5 170.0 11.9

2. Interests 326.0 345.6 19.6 6.0

3. Currents Transferences 400.9 557.4 156.5 39.1

B. Capital Expenditures 373.7 397.3 23.6 6.3

1. Gross Investment 330.4 358.9 28.4 8.6

2. Capital Transferences 43.3 38.4 -4.8 -11.1

C. Net Lending Concession -0.5 -0.3 0.2 -41.7

III. Current Saving [ I.A - II.A ] 75.9 -60.0 -135.9 179.0

IV. Primary Saving ( Not Including Interest ) 401.9 285.7 -116.3 -28.9

V. Global ( Deficit ) Surplus 0.0 0.0 0.0 0.0

A. Including Grants -216.3 -354.9 -138.6 64.1

B. Excluding Grants -297.2 -456.8 -159.7 53.7

VI. Net External Financing -109.0 -7.6 101.4 a/

1. Disbursements 63.0 793.4 730.5 a/

2. Bebt Amortization -172.0 -801.0 629.0 365.7

VII. Net Internal Financing 325.3 362.5 37.2 11.4

1. Central Bank 450.4 156.0 -294.4 -65.4

2. Commercial Banks -67.8 144.2 211.9 -312.8

3. Financial Institutions 0.0 0.0 0.0 0.0

4. Bonus outside the Banking System -20.9 20.8 41.6 199.6

5. Privatization and Stocks Sale 0.0 0.0 0.0 0.0

6. Previsional pay debt 0.0 0.0 0.0 0.0

7. Others -36.4 41.6 78.0 214.1

Variation 11 / 10


6.2 Consolidated Central Government Budgetary Execution Jul. In million of US$

Source: Ministerio de Hacienda 1/ Figures adjusted for Income and Value Added Tax devolutions (P) Preliminary Figures

2010 2011(P)

Variation 11 / 10


I. Revenues and Grants 1955.5 2153.3 197.7 10.1

A. Current Revenues 1874.6 2051.2 176.5 9.4

1. Tributaries 1761.2 1955.2 194.0 11.0

2. Non Tributaries 103.7 92.7 (11.0) (10.6)

3. Transferences from Public Enterprises 9.7 3.3 (6.4) (66.1)

4. Transferences from Public Financial Institutions 0.0 0.0 0.0 0.0


C. Grants 80.8 102.0 21.2 26.2

II. Expenditures and Net Lending Concession 2158.1 2453.6 295.5 13.7

A. Current Expenditures 1778.8 2022.7 243.9 13.7

1. Remunerations 616.4 709.5 93.1 15.1

2. Goods and Services 308.6 340.9 32.3 10.5

3. Interests 318.3 340.1 21.8 6.8

4. Transferences to: 535.6 632.3 96.7 18.1

a. Rest of the General Government 264.6 288.0 23.4 8.9

b. Public Enterprises 0.5 0.2 (0.3) (56.8)

c. Public Financial Institutions 2.1 3.5 1.3 63.4

d. Private Sector 261.8 335.8 74.0 28.3

e. Rest of the World 6.5 4.7 (1.8) (27.5)




a. Rest of the General Government 134.7 175.1 40.4 30.0

b. Public Enterprises 2.7 18.2 15.5 584.3

c. Public Financial Institutions 0.0 0.1 0.1 100.0

d. Private Sector 43.3 38.4 (4.9) (11.3)

C. Net Lending Concessions (2.3) (3.6) (1.2) 53.9

1. Rest of the General Government (1.3) (2.7) (1.4) 105.3

2. Public Enterprises (0.5) (0.6) (0.1) (100.0)

3. Public Financial Institutions 0.0 0.0 0.0 0.0

4. Private Sector (0.5) (0.3) 0.2 (100.0)

III. Current Saving [ I.A - II.A ] 95.8 28.4 (67.4) (70.3)

IV. Primary Saving (Not Include Interests) 414.1 368.5 (45.6) (11.0)

V. Global Surplus ( Deficit ) 0.0 0.0 0.0 0.0

A. Including Grants (202.5) (300.3) (97.8) 48.3

B. Excluding Grants (283.3) (402.3) (119.0) 42.0

VI. Net External Financing (111.8) (11.1) 100.7 90.1

1. Disbursements 44.7 776.4 731.8 a/

2. Debt Amortization (156.5) (787.5) 631.0 403.2

VII. Net Internal Financing 314.4 311.4 (2.9) 0.9

1.Central Bank 450.6 155.5 (295.1) (65.5)

2. Commercial Banks (76.5) 176.1 252.6 3.3


4. Bonus outside the banking system (15.5) (28.5) (13.0) (83.7)

5. Privatization and Stocks Sale 0.0 0.0 0.0 0.0

6. Others (44.2) 8.3 52.5 118.8


6.2.1 Central Government Ordinary Budget’s Total Revenues Jul. In million of US$

Source: Ministerio de Hacienda 1/ Figures adjusted for Income and Value Added Tax devolutions (P) Preliminary Figures a/ Percentage values over one thousand are omitted.

2010 2011(P)


I. Ajusted Current Revenues 1,870.6 2,043.8 173.3 9.3

A. Tributaries 1,761.2 1,955.2 194.0 11.0

1. Income Tax 663.2 754.4 91.2 13.7

2. Property tax 9.7 9.4 (0.3) (2.8)

3. Custom Duties 81.8 90.3 8.5 10.4

4. Consumption taxes 65.0 79.9 14.9 22.9

5. Value Added Tax (IVA) 841.4 919.9 78.6 9.3

6. Special Contributions (FOVIAL) 40.9 41.0 0.1 0.4

7. Others 59.4 60.3 1.0 1.6

0.0 0.0 0.0 0.0

C. Non Tributaries and Others 109.3 88.6 (20.7) (18.9)

1. Assets Revenues 3.1 2.3 (0.8) (24.8)

2. Public Enterpise Surplus 9.7 3.3 (6.4) 0.0

3. Sale of restricted artícles 18.4 8.0 (10.4) (56.7)

4. Tariff and duties for public services 18.3 21.5 3.2 17.4

5. Fines 16.8 16.7 (0.2) (0.9)

6. Others 43.0 36.9 (6.1) (14.2)

II.Capital Revenues 9.3 5.4 (3.9) (41.6)

A. Asset's Sale 0.1 0.1 0.0 0.0

B. Transferences from: 9.2 5.3 (3.9) (42.4)

1. S S S I 0.0 0.0 0.0 0.0

2. CRB 0.0 0.0 0.0

3. Rest of the world 9.2 5.3 (3.9) (42.4)

III.Total Revenues ( I + II ) 1,879.9 2,049.3 169.4 9.0

Variation 11 / 10


Source: Ministerio de Hacienda 1/ Figures adjusted for Income and Value Added Tax devolutions (P) Preliminary Figures a/ Percentage values over one thousand are omitted.

6.3 Rest of the Central Government Fiscal Execution Jul. In million of US$

2010 2011(P)

Variation 11 / 10


I. Revenues and Grants 706.6 793.6 87.0 12.3

A. Current Revenues 571.9 618.5 46.6 8.2

1. Contribution to Social Security 211.4 221.8 10.3 4.9

2. Goods and Services Sale 1/

3.3 2.8 (0.5) (15.3)

3. Transferences from: 357.1 393.9 36.8 10.3

a. Central Government 264.6 288.0 23.4 8.9

b. Public Enterpises 0.0 0.0 0.0 0.0

c. Financial Institutions Public Transferences 92.6 105.9 13.3 14.4


1. Asset's Sale 0.0 0.0 0.0 0.0

2. Transferences from: 134.7 175.1 40.4 30.0

a. Central Government 134.7 175.1 40.4 30.0

b. Public Enterpises 0.0 0.0 0.0 0.0

C. Grants 0.0 0.0 0.0 0.0

II. Expenditures and Net Lending Concession 718.2 800.7 82.6 11.5

A. Current Expenditures 614.4 666.5 52.1 8.5

1. Remunerations 320.1 348.8 28.6 8.9

2. Goods and Services 177.0 190.2 13.2 7.4

3. Interests 0.3 0.3 0.0 100.0


a. Private Sector 116.9 127.2 10.3 8.8

b. Rest of the World 0.0 0.0 0.0 0.0



2. MIHAC Transferences 0.0 0.0 0.0 0.0

C. Net Concession Lending. Private Sector 0.0 0.0 0.0

III. Current Saving ( I.A - II.A ) (42.5) (48.0) (5.5) 12.9

IV. Primary Saving ( Not Include Interests ) (42.2) (47.7) (5.5) 13.0

V. Global Surplus ( Deficit ) 0.0 0.0 0.0 0.0

A. Including Grants (11.6) (7.1) 4.4 (38.3)

B. Excluding Grants (11.6) (7.1) 4.4 (38.3)

VI. Net External Financing 2.8 (0.6) (3.4) (121.4)

1. Disbursements 3.0 0.0 0.0 0.0

2. Debt Amortization (0.2) (0.6) (0.4) 200.0

VII. Net Internal Financing 8.8 7.7 (1.0) (11.8)

1.Central Bank (0.2) 0.5 0.7 367.6

2. Commercial Banks (2.5) (17.5) (15.0) (610.0)


4. Bonus outside the banking system 0.0 0.0 0.0

5. Others 11.4 24.7 13.3 116.5

(1) Include fix assets and financing revenues

(P)Preliminares


6.4 Non Financial Public Enterprises Fiscal Execution Jul. In million of US$

Source: Ministerio de Hacienda a/ Percentage figures over thousand are not included (P) Preliminary Figures

2010 2011(P)Variation 11 / 10


I. Operation Revenues 193.5 190.7 (2.8) (1.5)

1. Sale of Services 170.7 148.6 (22.2) (13.0)

2. Others 22.8 42.1 19.3 84.8

II. Others Revenues 10.2 14.2 4.0 39.6

1. Assets Revenues 5.1 5.8 0.8 15.4

2. Various 5.1 8.4 3.3 63.4

III. Operation Expenditures 145.7 142.7 (2.9) (2.0)

1. Remunerations 32.6 40.9 8.3 25.5

2. Goods and Services 73.6 69.6 (4.0) (5.4)

3. Purchase of fuel 0.0 0.0 0.0

4. Purchase of energy 0.0 0.0 0.0 0.0

5. Value Added Tax 10.1 4.8 (5.3) (52.7)

6. Others Operation Expenditures 29.3 27.4 (1.9) (6.6)

IV. Others Expenditures 22.5 16.6 (5.8) (25.9)

1. Interests 7.5 5.3 (2.2) (29.4)

a. By Foreign Debt 7.3 4.9 (2.4) (32.9)

b. By Domestic Debt 0.2 0.4 0.2 100.0

2. Direct Taxes 3.1 4.5 1.4 44.7

3. Various 2.2 3.6 1.4 64.0

4. Dividend to Government 9.7 3.3 (6.4) (66.1)

V. Operation Surplus [ I - III ] 47.8 47.9 0.1 0.2

VI. Net Current Transferences (13.0) (85.9) (73.0) a/

1. From Government 0.5 0.2 (0.3) (56.8)

2. To Government 0.0 0.0 0.0

3. To Private Sector 13.5 86.1 72.7 a/

VII. Current Saving [ V + II - IV + VI ] 22.6 (40.4) (63.0) (278.5)

VIII. Foreign Grants 0.1 0.0 (0.1) (100.0)

IX. Capital Transferences 2.7 18.2 15.5 584.3

1. From Government 2.7 18.2 15.5 584.3

2. From SETEFE 0.0 0.0 0.0 0.0

3. From Private Sector 0.0 0.0 0.0 0.0

X. Capital Revenues 0.0 0.0 0.0 0.0

XI. Capital Expenditures 25.7 21.9 (3.8) (14.8)

1. Gross Investment 25.7 21.9 (3.8) (14.8)

XII. Net Lending Concession 0.0 0.0 0.0 0.0

XIII. Global Surplus ( Deficit ) [VII+VIII+IX + X - XI ] (0.4) (44.1) (43.8) a/

XIV. Net External Financing (0.0) 4.1 4.1 a/

1. Disbursements 15.3 17.0 1.7 11.1

2. Debt Amortization (15.3) (12.9) (2.4) (15.7)

XV. Net Domestic Financing 0.4 40.1 39.7 a/

1. Central Bank 0.0 0.0 0.0 0.0

2. Commercial Banks 11.2 (14.5) (25.7) (229.5)

3. Financiers 0.0 0.0 0.0 0.0

4. Central Government Loans (0.5) (0.6) (0.1) (100.0)

5. Financing from other Financial Sector 0.0 0.0 0.0 0.0

6. Bonus Outside the Banking System (5.4) 49.3 54.6 a/

7. Privatization and Stock Sales 0.0 0.0 0.0 0.0

8. Ohers (5.0) 5.8 10.8 217.7

a/ Percentage values over one thousand are omited.

(P) Preliminares.


6.5 Total Public Debt End Month Balance. In million of US$

Source: Banco Central de Reserva and Ministerio de Hacienda

6.6 Graphics

2010 2011

Transactions June July June July

Total Public Debt 11,005.7 11,086.2 12,827.5 12,508.0

A- Public Sector 10,800.7 10,922.7 12,695.0 12,375.6

I- Non Financial Public Sector 9,094.2 9,135.9 10,375.9 9,954.8

Central Government 8,561.3 8,602.7 9,821.4 9,392.1

LETES 147.9 207.3 315.2 445.1

Rest of the Central Government 20.3 20.3 59.8 61.2

Non Financial Public Enterprises 512.6 512.9 494.7 501.5

II- Financial Public Sector 1,706.5 1,786.8 2,319.1 2,420.80.0 0.0 0.0 0.0

B- Central Bank 205.0 163.5 132.5 132.40.0 0.0 0.0 0.0

Foreign Public Debt 6,443.3 6,404.9 7,211.7 7,098.7

A- Public Sector 6,238.3 6,241.4 7,079.2 6,966.3




Non Financial Public Enterprises 512.6 512.9 494.7 501.50.0 0.0 0.0 0.0

II- Financial Public Sector 81.7 82.2 242.3 255.80.0 0.0 0.0 0.0

B- Central Bank 205.0 163.5 132.5 132.40.0 0.0 0.0 0.0

Domestic Public Debt 4,562.4 4,681.3 5,615.8 5,409.3

A- Public Sector 4,562.4 4,681.3 5,615.8 5,409.3




Non Financial Public Enterprises 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0

II- Financial Public Sector 1,624.8 1,704.6 2,076.8 2,165.0

-100

-50

0

50

100

150

200

250

Jan Feb Mar Apr May Jun Jul

Current Saving of Non Financial Public Sector

Million of US$

Exec. 2010 Exec. 2011

0

50

100

150

200

250

300

350

400


Investment of Non Financial Public Sector

Million of US$

Exec. 2010 Exec. 2011


-400

-350

-300

-250

-200

-150

-100

-50

0

50

100


Surplus (Deficit) Including Grants of Non Financial Public Sector, Million

of US$

Exec. 2010 Exec. 2011

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0


Net Foreign Financing to Non Financial Public Sector, Million of US$

Exec. 2010 Exec. 2011

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400


Net Domestic Financing to Non Financial Public Sector, Million of US$

Exec. 2010 Exec. 2011

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

500


Net Domestic Financing of CRB to Non Financial Public Sector, Million of

US$

Exec. 2010 Exec. 2011

-50

0

50

100

150

200

250


Current Saving of Central Government Million of US$

Exec. 2010 Exec. 2011

0

25

50

75

100

125

150

175

200

225


Investment of Central GovernmentMillion of US$

Exec. 2010 Exec. 2011

-350

-300

-250

-200

-150

-100

-50

0

50

100


Surplus (Deficit) Including Grants of Central Government, Million of US$

Exec. 2010 Exec. 2011

-200

-100

0

100

200

300

400

500

600

700


Net Foreign Financing to Central GovernmentMillion of US$

Exec. 2010 Exec. 2011


-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400


Net Domestic Financing to Central Government

Million of US$

Exec. 2010 Exec. 2011

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

500


CRB Domestic Financing to Central GovernmentMillion of US$

Exec. 2010 Exec. 2011

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0


Current Saving of Rest of General GovernmentMillion of US$

Exec. 2010 Exec. 2011

0

25

50

75

100

125

150


Investment of Rest of General GovernmentMillion of US$

Exec. 2010 Exec. 2011

-12

-10

-8

-6

-4

-2

0

2

4

6


Surplus (Deficit) Including Grants of Rest of General Government, Million of US$

Exec. 2010 Exec. 2011

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5


Net Foreign Financing to Rest of General Government, Million of US$

Exec. 2010 Exec. 2011

-6

-4

-2

0

2

4

6

8

10


Net Domestic Financing to Rest of General Government, Million of US$

Exec. 2010 Exec. 2011

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0


CRB Domestic Financing to Rest of General Government, Million of US$

Exec. 2010 Exec. 2011


Source: Ministerio de Hacienda

-50

-40

-30

-20

-10

0

10

20

30


Current Saving of Non-Financial Public Enterprises Million of US$

Exec. 2010 Exec. 2011

0

5

10

15

20

25

30


Investment of Non-Financial Public Enterprises Million of US$

Exec. 2010 Exec. 2011

-60

-50

-40

-30

-20

-10

0

10


Surplus (Deficit) of Non-Financial Public Enterprises, Million of US$

Exec. 2010 Exec. 2011

-10

-5

0

5

10

15

20


Net Foreign Financing to Non-Financial Public Enterprises, Million of US$

Exec. 2010 Exec. 2011

-20

-10

0

10

20

30

40

50


Net Domestic Financing to Non-Financial Public Enterprises, Million of US$

Exec. 2010 Exec. 2011

0

5

10

15

20

25

30

35

40

45

50


Operation Surplus Non Financial Public Enterprises, Million of US$

Exec. 2010 Exec. 2011

Monthly Statistical Bulletin Stock Market Jul. 2011

7.

1. Stock exchange transactions during July 2011 reached $314.4 mln, just $4.0 mln higher than the re-

port in June 2011, a result of mixed behaviors in the various markets. Repurchase agreements and

the international operations market increased their operations in $31.7 mln and $7.7 mln, respec-

tively, while, primary and secondary ones reduced their operations in $18.1 mln and $17.2 mln, re-

spectively.

2. Stock market activity kept concentrating in repurchase agreement operations representing over 77%

of the total transactions, engaged mainly for a 1 to 7 days and supported mainly by public debt in-

struments issued by the Salvadoran government (Eurobonds, Treasury Notes and Bonds).

3. The most active sectors demanding liquidity through repurchase agreements (sales) were banks, con-

centrating about 47% of the amount transacted, followed by individual investors (33%), service

companies (7%), and other participants (12%), while, as providers of resources, banks stood out pro-

viding 71% of the demand, given their still comfortable levels of liquidity.

4. Weighted average performance of repurchase agreement operations reached 2.44%, of 1.42% re-

ported the previous month, because of repurchase agreement operations made by some banks paying

profits higher than the average of previous periods, to solve temporary liquidity needs to comply

with the immediate responsibilities. This situation was originated by delays in the liquidation proc-

ess of government securities due during the month, not attributable to the government treasury or to

government financial agents.

Monthly Statistical Bulletin Stock Market Jul. 2011

Source: Financial Development Department

7.1 Graphics

0

100

200

300

400

500

600

700

J08 O J A J09 O J A J10 O J A J11

Monthly Amount TradedMillions of Dollars

98.5%

1.5%0%

20%

40%

60%

80%

100%

Public Private

Repo Operations, According to Issuer

10%

25%

40%

55%

70%

85%

100%

J08 O J A J09 O J A J10 O J A J11

Repo as Percentage of Market Operations

82.3%

14.3%

3.4%

0%

20%

40%

60%

80%

100%

1-7 Days 8-15 Days 16 Days and more

Repo Operations, According to Term

8.7%4.9%

77.2%

0.0%

9.3%

0%

15%

30%

45%

60%

75%

Primary Secondary Repos Stock International

Negotiated Amount, According to Market

1.08%1.28%

2.44%

1.74%

5.08%

3.08%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

Public Repos Private Repos

Yields of Repos From 1 to 7 Days

Min. Yield Avg. Yield Max. Yield

monthly statistical bulletin · export of products destined to the central american region reported...

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