The deterioration in the trade balance took place as the real
effective exchange rate (REER) depreciated by
5.5 percent cumulatively in 2011/12 and 2012/13, but
following a 20.5 percent cumulative appreciation in
2009/10 and 2010/11. Moreover, the nominal effective
exchange rate depreciated by 17 percent cumulatively in
2011/12 and 2012/13.
reer