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Below is a table containing various balance of payments items listed in order of their actual values (in $ millions) for the Canadian economy in

Below is a table containing various balance of payments items listed in order of their actual values (in $ millions) for the Canadian economy in a particular year. (Note: ROW = the rest of the world.)

DESCRIPTION OF ITEM

VALUE ($ millions)

Imports of goods and services to Canada from ROW

647,222

Exports of goods and services from Canada to ROW

627,640

Net Canadian sales of domestic assets to ROW

196,238

Net Canadian purchases of foreign assets from ROW

149,503

Earned income paid by Canada to ROW

110,826

Earned income received by Canada from ROW

86,068

Income transfers from Canada to ROW

14,122

Income transfers to Canada from ROW

10,682

Transfers of assets to Canada from ROW

879

Transfers of assets from Canada to ROW

481

a) Use the above data to calculate the following values (in $ millions) and insert them in the shaded areas of the table below. (8 marks)

Canadas current account balance (CA)

Canadas capital account balance (KA)

Canadas financial account balance (FA)

Discrepancy (net errors & omissions)

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