| Variable | Coefficient | t-Statistic | Prob. |
| C | 2.210602 | 5.997062 | 0.0000 |
| Interest Rate | −0.001425 | −0.316411 | 0.7522 |
| REER | 0.177170 | 5.174274 | 0.0000 |
| Copper Price | 8.803890 | 0.116042 | 0.0000 |
| Oil Price | −0.000514 | −0.520718 | 0.6034 |
| Error Correction Variable | −0.000167 | −6.766923 | 0.0000 |