Equations | Full sample (2000-2012) | Trace statistic | Critical value | Hypothesized No. of CE(s) |

TRADE BALANCE | LREER and LDD | 0.4911 | 3.8414 | None* at most 1 |

EXPORT EQUATION | LREER, LOREX, LPROEX | 3.4962 | 15.4947 | None* at most 1 |

IMPORT EQUATION | LREER, LORIM, LPROIM, LDD | 5.1145 | 15.4947 | None* at most 1* at most 2 |

Equations | Subsample (2005.07 onwards) | Trace Statistic | Critical Value | Hypothesized No. of CE(s) |

TRADE BALANCE | LREER and LFDI | 0.6913 | 3.8414 | None* at most 1 |

EXPORT EQUATION | LREER, LOREX, LPROEX, LFDI | 18.8848 | 29.7971 | None* at most 1 |

IMPORT EQUATION | LREER, LORIM, LPROIM, LFDI | 21.8175 | 29.7971 | None* at most 1 |