Calculate the index for the value of exports for 2004.

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To calculate the Balance of Payments (BOP) index for 2004, we first need to determine the index for the value of exports and the index for the value of imports for that year. The value index is calculated by multiplying the volume index by the unit value index and dividing by 100 (since both are already indices with a base of 100). The BOP index, in this context, can be interpreted as the ratio of the value of exports index to the value of imports index, multiplied by 100.

Calculate the index for the value of exports for 2004.
The formula for the Value of Exports Index is:
$\text{Value of Exports Index} = \frac{\text{Volume of Exports Index} \times \text{Unit Value of Exports Index}}{100}$
From the table for 2004:
Volume Exports Index = 100.2
Unit Value Exports Index = 158.3
$\text{Value of Exports Index (2004)} = \frac{100.2 \times 158.3}{100} = \frac{15861.66}{100} = 158.6166$
Calculate the index for the value of imports for 2004.
The formula for the Value of Imports Index is:
$\text{Value of Imports Index} = \frac{\text{Volume of Imports Index} \times \text{Unit Value of Imports Index}}{100}$
From the table for 2004:
Volume Imports Index = 111.1
Unit Value Imports Index = 131.2
$\text{Value of Imports Index (2004)} = \frac{111.1 \times 131.2}{100} = \frac{14577.32}{100} = 145.7732$
Calculate the Balance of Payments (BOP) index for 2004.
The BOP index, representing the trade balance in index form, is calculated as:
$\text{BOP Index} = \frac{\text{Value of Exports Index}}{\text{Value of Imports Index}} \times 100$ $\text{BOP Index (2004)} = \frac{158.6166}{145.7732} \times 100$ $\text{BOP Index (2004)} \approx 1.08809 \times 100$ $\text{BOP Index (2004)} \approx 108.81$
The Balance of Payments (BOP) index for 2004 is $\boxed{\text{108.81}}$ .

Calculate the index for the value of exports for 2004.

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Calculate the index for the value of exports for 2004.

Calculate the index for the value of imports for 2004.

Calculate the Balance of Payments (BOP) index for 2004.

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