Table 2 Descriptive and correlation...

Table 2

Descriptive and correlation statistics

	Descriptive statistics
	TB	FDI	AG	GEX	INF	REER
Mean	−0.105	8.147	1.537	1.002	1.305	2.204
Median	−0.026	8.135	1.559	0.996	1.249	2.041
Maximum	0.796	9.541	1.776	1.185	2.089	3.546
Minimum	−1.842	6.301	1.238	0.767	0.853	1.811
Std. Dev.	0.704	1.054	0.152	0.091	0.299	0.413
Skewness	−0.896	−0.055	−0.408	−0.346	0.734	1.931
Kurtosis	3.281	1.761	2.125	3.193	3.278	5.972
Jarque-Bera	5.491	2.514	2.389	0.862	3.719	38.585
Probability	0.064	0.284	0.303	0.649	0.156	0.051
Sum	−4.216	317.729	61.498	40.054	52.237	85.965
Sum Sq. Dev.	19.379	42.262	0.904	0.322	3.4891	6.475
Observations	42	42	42	42	42	42

	Descriptive statistics
	TB	FDI	AG	GEX	INF	REER
Mean	−0.105	8.147	1.537	1.002	1.305	2.204
Median	−0.026	8.135	1.559	0.996	1.249	2.041
Maximum	0.796	9.541	1.776	1.185	2.089	3.546
Minimum	−1.842	6.301	1.238	0.767	0.853	1.811
Std. Dev.	0.704	1.054	0.152	0.091	0.299	0.413
Skewness	−0.896	−0.055	−0.408	−0.346	0.734	1.931
Kurtosis	3.281	1.761	2.125	3.193	3.278	5.972
Jarque-Bera	5.491	2.514	2.389	0.862	3.719	38.585
Probability	0.064	0.284	0.303	0.649	0.156	0.051
Sum	−4.216	317.729	61.498	40.054	52.237	85.965
Sum Sq. Dev.	19.379	42.262	0.904	0.322	3.4891	6.475
Observations	42	42	42	42	42	42

Correlation matrix
	TB	FDI	GEX	REER	INF	AG
TB	1.000
TB	–
FDI	0.346***	1.000
FDI	0.001	–
GEX	0.349***	0.293***	1.000
GEX	0.001	0.006	–
REER	−0.697***	0.429***	−0.086	1.000
REER	0.000	0.000	0.427	–
INF	−0.309***	0.715***	0.173	0.166	1.000
INF	0.003	0.000	0.106	0.122	–
AGR	0.148	0.712***	0.575***	−0.080	0.643***	1.000
AGR	0.169	0.000	0.000	0.457	0.000	–

Correlation matrix
	TB	FDI	GEX	REER	INF	AG
TB	1.000
TB	–
FDI	0.346***	1.000
FDI	0.001	–
GEX	0.349***	0.293***	1.000
GEX	0.001	0.006	–
REER	−0.697***	0.429***	−0.086	1.000
REER	0.000	0.000	0.427	–
INF	−0.309***	0.715***	0.173	0.166	1.000
INF	0.003	0.000	0.106	0.122	–
AGR	0.148	0.712***	0.575***	−0.080	0.643***	1.000
AGR	0.169	0.000	0.000	0.457	0.000	–

Note(s): Dependent variable: trade balance. *, **, and *** indicate the rejection of the null hypothesis of no correlation at 10%, 5%, and 1% significance levels

Source(s): Produced from BoG, IMF and WDI data, 2024

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