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---

### Mission overview
- A TA mission on External Sector Statistics (ESS) was conducted for the Statistics Department (SD) of Montserrat during October 14–25, 2024.
- The mission was part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS and in response to a request from the SD.
- Balance of payments (BOP) and international investment position (IIP) statistics for Montserrat are compiled jointly by the SD and the Eastern Caribbean Central Bank (ECCB); an ECCB staff participated in the first week of the mission.
- Main purposes:
  - Assist the SD in extrapolating results of the low-season Visitor Expenditure Survey (VES) to enhance estimates of travel exports for the BOP.
  - Provide support to improve statistics on trade in goods, international cooperation, and Special Purpose Entities (SPEs).

### Visitor Expenditure Survey (VES): data collection, processing, and sample representation
- Low-season VES:
  - Conducted June to August 2024 at John A. Osborne Airport departure hall.
  - 578 responses collected (target sample size was 496); compared to 1,119 responses in the high-season VES.
  - Ferry from Antigua was not in operation during the survey period.
  - Same questionnaire and tablet/online approach as high-season VES.
- Data cleaning and exclusions:
  - 20 responses excluded for various reasons; 9 responses excluded as outliers.
  - No duplicate responses found.
- Sample representation:
  - VES sample included a good representation of visitors from the United States, an overrepresentation from the United Kingdom and other countries, and an underrepresentation from the Caribbean.
  - Embarkation-Disembarkation (ED) card averages for overnight visitors (2015–2019): around 39 percent Caribbean, 29 percent United Kingdom, 28 percent United States, 4 percent other countries.

### Average Daily Expenditure (ADE) findings and seasonal measurement
- Low-season ADE for overnight visitors: US$72.73.
  - 95 percent confidence interval: US$69.71 to US$75.75.
- High-season ADE for overnight visitors (March 2024): US$156.86.
  - High-season VES conducted during the St. Patrick’s festival; March may not be representative of the rest of the high season.
  - A large outlier was identified in the high-season dataset; removing it reduced the overall high-season ADE to US$156.86.
- Combined ADE (mission-calculated for two VES measured in March and June to August): US$125.29.
- Expenditure by category for overnight visitors (low-season percentages):
  - Accommodation: 38.9 percent.
  - Food and beverage (including restaurants): 33.1 percent.
  - Activities: 11.7 percent (9.5 percentage points lower than high-season).
  - Transportation: 10.4 percent.
  - Other: 5.9 percent.
- Excursionists:
  - Low-season excursionist sample: 30 visitors (insufficient to represent population).
  - Combined high- and low-season ADE for excursionists: US$158.81.
  - High-season excursionist ADE: US$155.49.

### ADE by visitor origin (US$) — mission ADE table used in analysis
- Caribbean: High-Season ADE (2010 VES) 122.51; Low-Season ADE (2010 VES) 100.17; High-Season ADE (2024 VES) 201.05; Low-Season ADE (2024 VES) 80.49; Combined, High- and Low-Season ADE (2024 VES) 170.49
- United Kingdom: High-Season ADE (2010 VES) 100.16; Low-Season ADE (2010 VES) 69.36; High-Season ADE (2024 VES) 142.74; Low-Season ADE (2024 VES) 63.19; Combined, High- and Low-Season ADE (2024 VES) 110.40
- United States: High-Season ADE (2010 VES) 116.44; Low-Season ADE (2010 VES) 76.89; High-Season ADE (2024 VES) 153.86; Low-Season ADE (2024 VES) 78.82; Combined, High- and Low-Season ADE (2024 VES) 124.34
- Other countries: High-Season ADE (2010 VES) 104.13; Low-Season ADE (2010 VES) 102.2; High-Season ADE (2024 VES) 156.86; Low-Season ADE (2024 VES) 72.73; Combined, High- and Low-Season ADE (2024 VES) 125.29

### Travel exports estimation, components, and mission view
- Travel export estimation formula used:
  - Travel export = (Average Daily Expenditure)t * (Average Length of stay)t * (number of visitors)t
- The mission updated travel exports for 2011 to 2023 using high- and low-season VES results, backcasted using the CPI for Montserrat for 2014–2023; ADE values for 2011–2013 are CPI-adjusted results of the 2010 VES.
- Average length of stay:
  - Updated for the whole time series using CTO-TIMS data categorized by country of residence; previous calculations were inaccurate because they grouped visitors by length of stay without considering country of origin.
- Cruise and yacht visitors:
  - New travel export estimates include cruise and yacht visitors using data from the ECCB.
  - Information on actual spending by cruise and yacht visitors still needs improvement.
  - Cruise VES scheduled November to March will provide crucial information; yacht survey must be implemented.
- Travel exports by visitor type — Estimation (US$ million and counts):
  - Expenditure (US$ million): Overnight 13.5; Excursionists 0.1; Cruise 0.2; Yacht 0.2; Total 14.0
  - Number of visitors: Overnight 7,720; Excursionists 396; Cruise 3,163; Yacht 2,522; Total 13,801
  - Average expenditure (US$): Overnight 1,753.4; Excursionists 155.5; Cruise 59.3; Yacht 100; Total 517
- Mission recommendation on ADE usage:
  - Use the high-season ADE values for March (St. Patrick’s festival).
  - Use the combined VES results for other high-season months.
  - Use the low-season VES for the low-season months.
- Based on combined high- and low-season VES results and ECCB estimates for cruise and yacht visitors:
  - 2023 travel exports estimated at US$14 million, or 19.5 percent of current account credits.
  - Previous estimate was US$8.7 million, or 15 percent of current account credits.
- Mission view: due to limited representativeness for some visitor groups, use of the overall average ADE (combining high- and low-season VES) offers a more statistically sound basis for estimating travel exports.

### Cruise and yacht visitor surveying: plans and recommended implementation
- Cruise survey plan:
  - Cruise visitors to be surveyed at the Little Bay ferry terminal during cruise season from November through March.
  - Around 12 cruise ships are expected to visit Montserrat during the season (cruise call schedule acquired from the MTD).
- Yacht survey strategy:
  - Most yachts visit Montserrat from November to April.
  - Customs procedure: customs officer meets yachts on arrival; visitors fill out a yacht clearance declaration form. If stay under 72 hours, they can leave without clearing again; if longer, they must clear on departure. Customs reports most yacht visitors stay less than 72 hours.
  - Mission designed an online yacht VES (same platform as regular VES). Customs agreed to distribute flyers with a QR code linking to the online survey.
  - Purpose: collect information for BOP compilation on travel services, goods, repair services, and transportation services; includes a few questions requested by the Tourism Board.
- Known payments and services for yacht visitors (as reported by customs):
  - Port charge, after-hours fee, embarkation tax.
  - Some providers of laundry services, port freshwater provision, and local mechanics for boat service.
- Yacht survey items mapping to BOP items:
  - Personal spending on shore — Travel service
  - Fuel, spare parts, equipment, and provisions — Goods
  - Boat maintenance — Repair services
  - Fees, such as mooring, marina, or port fees — Transportation service
- Recommendation:
  - The SD and MTD to conduct the VES on visitors departing Montserrat by air and ferry (including excursionists) during October 2024 to February 2025.
  - The SD and MTD to conduct the VES on visitors departing Montserrat by cruise ships during the high-tourist season.
  - The SD to conduct a survey on yacht visitors on an ongoing basis.

### Institutional environment, data dissemination, and collaboration gaps
- Collaboration improvements:
  - SD and MTD improved cooperation on VES implementation.
  - SD strengthened collaboration with Montserrat Customs and Revenue Service (MCRS) and the Treasury Department.
- Gaps:
  - Formal collaboration agreements among stakeholders are important to maintain cooperation.
  - SD does not disseminate BOP statistics on its website.
  - IIP is published under banking statistics only for 2013–2020.
  - Metadata and quarterly indicators are only available on the ECCB website.
- Recommendations:
  - With the support of high-level authorities, strengthen formal collaboration among stakeholders (including MTD and the Treasury Department) to improve data quality for the compilation of BOP and IIP.
  - Disseminate BOP, metadata and quarterly indicators on the SD website; update IIP statistics already posted.

### Trade in goods, COMTRADE mirror issues, and ASYCUDA validation
- Customs database (ASYCUDA) aggregation:
  - Mission found no evidence that values are aggregated in different currencies; aggregation is in EC$.
  - Random checks of import values in ASYCUDA cross-checked with invoices and customs declaration reports confirmed currency consistency.
- COMTRADE mirror data discrepancy for 2020–23:
  - Mission investigated 2021 discrepancy focusing on possible products: semi-finished iron (Canada), special pharmaceuticals (United States), medical instruments (Belgium), sand (France).
  - No exports under those main product categories were found in customs database.
  - Export of sand to Guadeloupe found at around 3.3 million EC dollars (compared to 3.7 million EC dollars reported in October 2023 TA mission report). Difference likely due to geographic definition (Guadeloupe included in France's BOP).
- Data loss in 2021:
  - Some customs servers hosting ASYCUDA were permanently damaged in 2021 and a few months of data were lost; data exists in paper format but has not been entered into the system.
  - Customs officer considered it unlikely the data will be entered due to limited resources. Therefore, 2021 import and export of goods are undervalued; the extent is unknown.
- Freight values on imports:
  - Freight values are available in many cases but often not entered; compilers will continue using the c.i.f-f.o.b conversion method.
- Recommendation:
  - In cooperation with the MCRS, identify which time period in 2021 is missing and estimate the missing values for goods imports and exports and update the BOP. Use the paper-based format and focus on main importers and exporters and the highest value goods.

### International cooperation, government transactions, and CloudSuite transition
- Treasury Department data:
  - Currently on a cash basis; accrual data is needed to comply with BPM6.
  - Treasury plans to transition to CloudSuite, offering opportunity to obtain BPM6-aligned data.
  - Mission advised SD and Treasury to collaborate during CloudSuite implementation and identify transactions with nonresidents with a separate code.
- Data gaps and specific items:
  - Treasury has no consolidated information from individual departments on cooperation classified in cash, goods, or services.
  - Pension payment data to nonresidents posed no issues.
  - Data on travel expenditure related to training funded by third parties (e.g., CARTAC, CARICOM) is unavailable.
  - For spending on personal, cultural, and recreational services (e.g., St. Patrick’s festival events), mission and SD advised to contact the Montserrat Art Council.
  - SD needs to identify carry-over data; January–March data may include carry-overs from the previous year, distorting current period data.
- Recommendations:
  - SD to collaborate with the Treasury Department during CloudSuite implementation to ensure transactions with nonresidents are identified and reported to the SD.
  - Use detailed information from Montserrat Art Council budget papers to increase coverage of personal, cultural, and recreational services (e.g., St. Patrick’s festival events).
  - Maintain close coordination between SD and Treasury to verify recording of expenses in services in the BOP.
  - Follow up with Treasury on reporting of cooperation classified in cash, goods or services to record accordingly in the BOP.
  - Follow up with Treasury on identification of carry-over data (credits and debits of services, grants, international cooperation, and pensions) from previous periods included in calendar year data.

### Special Purpose Entities (SPEs) — financials and residency issues
- Financial statements for SPEs (2021–2023) obtained from the Financial Services Commission; these SPEs meet requirements to be classified as deposit-taking corporations, except the central bank (BPM6, para. 4.71).
- Financials (EC$ million):
  - Assets: 2021 1,697; 2022 1,668; 2023 1,651
  - Cash and Deposits: 2021 733; 2022 844; 2023 951
  - Investments: 2021 377; 2022 378; 2023 379
  - Loans: 2021 535; 2022 425; 2023 285
  - Other Assets: 2021 53; 2022 22; 2023 37
  - Liabilities: 2021 1,276; 2022 1,277; 2023 1,270
  - Deposits: 2021 903; 2022 910; 2023 917
  - Other Liabilities: 2021 373; 2022 368; 2023 352
  - Equity: 2021 422; 2022 391; 2023 381
  - Shares: 2021 236; 2022 239; 2023 239
  - Reserves: 2021 95; 2022 95; 2023 97
  - Changes in securities: 2021 0; 2022 -1; 2023 -2
  - Retained Earnings: 2021 90; 2022 58; 2023 47
  - Net income; Profit (Loss): 2021 13; 2022 17; 2023 3
- Residency of counterpart is not available from the financial statements; net profits might include valuation changes.
- ECCB position:
  - ECCB considers these companies nonresidents for all ECCU countries, even though registered in the country.
  - ECCB will incorporate SPEs into member countries’ BOP in the forthcoming BPM7 migration program.
- Recommendation:
  - Consider incorporation of available information on SPEs in the BOP and IIP in the work program for the migration to BPM7.

### Balance of Payments (BOP) revisions, backcasting, and dissemination timing
- Net errors and omissions (Published March 2024 vs Revised as of October 25, 2024):
  - 2021: Published EC$15.64, 5.2 percent of current account credits and debits; Revised EC$16.51, 5.4 percent of current account credits and debits
  - 2022: Published EC$1.49, 0.5 percent; Revised EC$4.86, 1.4 percent
  - 2023: Published EC$0.28, 0.1 percent; Revised EC$0.98, 0.2 percent
- Revised BOP figures to be disseminated in December 2024, jointly with other ECCU countries’ data, and should incorporate revised travel exports.
- ECCB backcasting:
  - ECCB published backcasting for 2011–2023 BOP at beginning of 2024; it will be revised due to current travel exports estimates for the whole series.
- Recommendation:
  - Review the backcasting for the BPM6-based 2000–13 BOP statement considering the new travel exports series and submit it to the IMF’s Statistics Department (STA).

### Appendix II — Current account, capital, and financial account (selected figures, Published vs Revised vs Diff.)
- Overall current account balances (Published | Revised | Diff.)
  - 2021: -36 | -35 | 1
  - 2022: -22 | -16 | 6
  - 2023: -20 | -14 | 6
- Current account Credit (Published | Revised | Diff.)
  - 2021: 132 | 136 | 4
  - 2022: 154 | 169 | 15
  - 2023: 184 | 196 | 12
- Current account Debit (Published | Revised | Diff.)
  - 2021: 168 | 171 | 4
  - 2022: 176 | 185 | 9
  - 2023: 204 | 210 | 6
- Goods and services (net) (Published | Revised | Diff.)
  - 2021: -106 | -105 | 1
  - 2022: -110 | -103 | 7
  - 2023: -126 | -121 | 5
- Services — Travel (of which) (Net | Credit | Debit; Published | Revised | Diff.)
  - Net travel:
    - 2021: -6 | -1 | 5
    - 2022: 0 | 13 | 14
    - 2023: 11 | 19 | 8
  - Travel credit:
    - 2021: 4 | 11 | 6
    - 2022: 13 | 30 | 17
    - 2023: 26 | 38 | 13
  - Travel debit:
    - 2021: 10 | 11 | 1
    - 2022: 13 | 16 | 3
    - 2023: 15 | 20 | 5
- Capital account (Credit | Revised | Diff.)
  - 2021: 35 | 35 | 0
  - 2022: 16 | 16 | 0
  - 2023: 20 | 21 | 1
- Net lending (+) / net borrowing (-) from current and capital account:
  - 2021: -1 | 0 | 1
  - 2022: -7 | 0 | 6
  - 2023: 0 | 7 | 7
- Financial account — Net lending (+) / net borrowing (-):
  - 2021: -17 | -17 | 0
  - 2022: -5 | -5 | 0
  - 2023: 0 | 8 | 8
- Reserve assets:
  - 2021: -87 | -87 | 0
  - 2022: -19 | -19 | 0
  - 2023: -2 | -2 | 0
- Net errors and omissions:
  - 2021: -16 | -17 | -1
  - 2022: 1 | -5 | -6
  - 2023: 0 | 1 | 1

### Appendix III — Response rate to Balance of Payments Survey 2023 (percentage; provisional rates as of October 25, 2024)
- Notes:
  - 1/ Nominal rate. Provisional rates as of October 25, 2024.
- Selected BOP form response rates (columns: # of Establishments | Weighted Response rate | Response rate | # of Forms Received):
  - BOP 1 Accommodation Establishments: 10 | 13.71% | 30.00% | 3
  - BOP 2 Foreign Direct Investment Enterprises: 2 | 0.00% | 0.00% | 0
  - BOP 3A Insurance Companies: 1 | 100.00% | 100.00% | 1
  - BOP 3B Insurance Agents: 4 | 51.11% | 50.00% | 2
  - BOP 4 Deposit Taking Institutions: 3 | 100.00% | 100.00% | 3
  - BOP 5 Money Transfer Companies: 2 | 100.00% | 100.00% | 2
  - BOP 6 Oil Importing Companies: 1 | 0.00% | 0.00% | 0
  - BOP 8 Shipping and Express Delivery Agencies: 7 | 6.99% | 28.57% | 2
  - BOP 9 Travel Agencies: 3 | 49.44% | 66.67% | 2
  - BOP 10A Domestic Airlines: 1 | 0.00% | 0.00% | 0
  - BOP 11B Regional and International Airlines: 1 | 0.00% | 0.00% | 0
  - BOP 11A LIAT island Operations: 1 | 0.00% | 0.00% | 0
  - BOP 12A Ministry of Finance - Debt Unit: 1 | 100.00% | 100.00% | 1
  - BOP 12B Ministry of Finance - Treasury Dep't: 1 | 100.00% | 100.00% | 1
  - BOP 13 Statutory Bodies and Development Bank: 4 | 78.59% | 75.00% | 3
  - BOP 14 Sea Port Authority: 1 | 100.00% | 100.00% | 1
  - BOP 15 Airport Authority: 1 | 100.00% | 100.00% | 1
  - BOP 18 Charitable Organisations: 13 | 0.13% | 38.46% | 5
  - BOP 20 General Establishments Form: 1 | 0.00% | 0.00% | 0
- Total:
  - 58 | 86.40% | 46.55% | 27

### Action plan and priority recommendations (selected priority items with target completion dates)
- March 2025:
  - The SD and MTD to conduct the VES on visitors departing Montserrat by air and ferry (including excursionists) during October 2024 to February 2025. (Responsible: SD and MTD)
  - The SD and MTD to conduct the VES on visitors departing Montserrat by cruise ships during the high-tourist season. (Responsible: SD and MTD)
  - The SD to conduct a survey on yacht visitors on an ongoing basis. (Responsible: SD)
- October 2025:
  - Identify and estimate missing 2021 goods import/export values in cooperation with MCRS and update the BOP.
  - Collaborate with the Treasury Department during CloudSuite implementation to identify transactions with non-residents.
  - Use Montserrat Art Council budget papers to increase coverage of personal, cultural, and recreational services.
  - Strengthen formal collaboration among stakeholders with high-level support.
  - Maintain coordination between SD and Treasury to verify recording of service expenses in the BOP.
  - Follow up with Treasury on reporting of cooperation classified in cash, goods, or services for correct BOP recording.
  - Review backcasting for BPM6-based 2000–13 BOP considering new travel exports series and submit to IMF’s Statistics Department (STA).
- December 2025:
  - Consider incorporating available information on SPEs in the BOP and IIP in the work program for migration to BPM7.
- June 2025:
  - Disseminate BOP, metadata and quarterly indicators on the SD website; update IIP statistics posted.

*Source: TA mission report — CARTAC/Statistics Department Montserrat, October 14–25, 2024. As of October 25, 2024. Source: ECCB and SD.*

### 1.      A technical assistance (TA) mission on External Sector Statistics (ESS) was conducted for

### A technical assistance (TA) mission on External Sector Statistics (ESS) was conducted for

### Mission overview
- A TA mission on External Sector Statistics (ESS) was conducted for the Statistics Department (SD) of Montserrat during October 14–25, 2024.
- The mission was part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS and in response to a request from the SD.
- Balance of payments (BOP) and international investment position (IIP) statistics for Montserrat are compiled jointly by the SD and the Eastern Caribbean Central Bank (ECCB); an ECCB staff participated in the first week of the mission.
- Main purposes:
  - Assist the SD in extrapolating results of the low-season Visitor Expenditure Survey (VES) to enhance estimates of travel exports for the BOP.
  - Provide support to improve statistics on trade in goods, international cooperation, and Special Purpose Entities (SPEs).

### Visitor Expenditure Survey (VES): data collection and processing
- Low-season VES:
  - Conducted June to August 2024 at John A. Osborne Airport departure hall.
  - 578 responses collected (target sample size was 496); compared to 1,119 responses in the high-season VES.
  - Ferry from Antigua was not in operation during the survey period.
  - Same questionnaire and tablet/online approach as high-season VES.
- Data cleaning and exclusions:
  - 20 responses excluded for various reasons; 9 responses excluded as outliers.
  - No duplicate responses found.
- Sample representation:
  - VES sample included a good representation of visitors from the United States, an overrepresentation from the United Kingdom and other countries, and an underrepresentation from the Caribbean.
  - Embarkation-Disembarkation (ED) card averages for overnight visitors (2015–2019): around 39 percent Caribbean, 29 percent United Kingdom, 28 percent United States, 4 percent other countries.

### Average Daily Expenditure (ADE) findings
- Low-season ADE for overnight visitors: US$72.73.
  - 95 percent confidence interval: US$69.71 to US$75.75.
- High-season ADE for overnight visitors (March 2024): US$156.86.
  - Note: high-season VES was conducted during the St. Patrick’s festival in March 2024; March may not be representative of the rest of the high season.
- Expenditure by category for overnight visitors (low-season percentages):
  - Accommodation: 38.9 percent.
  - Food and beverage (including restaurants): 33.1 percent.
  - Activities: 11.7 percent (9.5 percentage points lower than high-season).
  - Transportation: 10.4 percent.
  - Other: 5.9 percent.
- Excursionists:
  - Low-season excursionist sample: 30 visitors (insufficient to represent population).
  - Combined high- and low-season ADE for excursionists: US$158.81.
  - High-season excursionist ADE: US$155.49.

### Travel exports estimation and impact on BOP
- Based on combined high- and low-season VES results and ECCB estimates for cruise and yacht visitors:
  - 2023 travel exports estimated at US$14 million, or 19.5 percent of current account credits.
  - Previous estimate was US$8.7 million, or 15 percent of current account credits.
- Mission view on estimation approach:
  - Due to limited representativeness for some visitor groups, use of the overall average ADE (combining high- and low-season VES) offers a more statistically sound basis for estimating travel exports.

### Institutional environment and data dissemination
- Collaboration improvements:
  - SD and MTD improved cooperation on VES implementation.
  - SD strengthened collaboration with Montserrat Customs and Revenue Service (MCRS) and the Treasury Department.
- Gaps:
  - Formal collaboration agreements among stakeholders are important to maintain cooperation.
  - SD does not disseminate BOP statistics on its website.
  - IIP is published under banking statistics only for 2013–2020.
  - Metadata and quarterly indicators are only available on the ECCB website.
- Recommendations:
  - With the support of high-level authorities, strengthen formal collaboration among stakeholders (including MTD and the Treasury Department) to improve data quality for the compilation of BOP and IIP.
  - Disseminate BOP, metadata and quarterly indicators on the SD website; update IIP statistics already posted.

### Trade in goods, international cooperation, and SPEs
- Trade in goods:
  - EUROTRACE aggregates verified as all in Eastern Caribbean dollar (EC$).
  - SD received detailed international cooperation data from the Treasury Department, but the data lacks details on cooperation in goods or services from other departments.
- International Business Companies (IBCs) and Special Purpose Entities (SPEs):
  - Financial statements for 2021 to 2023 were received from IBCs registered in Montserrat.
  - ECCB indicated SPE recommendations will be considered in the workplan for all ECCU countries for migration to BPM7.

### Action plan and priority recommendations (selected priority items)
- Target completion dates and priority recommendations:
  - March 2025: The SD and MTD to conduct the VES on visitors departing Montserrat by air and ferry (including excursionists) during October 2024 to February 2025. (Responsible: SD and MTD)
  - March 2025: The SD and MTD to conduct the VES on visitors departing Montserrat by cruise ships during the high-tourist season. (Responsible: SD and MTD)
  - March 2025: The SD to conduct a survey on yacht visitors on an ongoing basis. (Responsible: SD)
- Additional high-priority and high actions with target completion October 2025, December 2025, and June 2025 include:
  - Identify and estimate missing 2021 goods import/export values in cooperation with MCRS and update the BOP. (October 2025)
  - Collaborate with the Treasury Department during CloudSuite implementation to identify transactions with non-residents. (October 2025)
  - Use Montserrat Art Council budget papers to increase coverage of personal, cultural, and recreational services. (October 2025)
  - Strengthen formal collaboration among stakeholders with high-level support. (October 2025)
  - Maintain coordination between SD and Treasury to verify recording of service expenses in the BOP. (October 2025)
  - Follow up with Treasury on reporting of cooperation classified in cash, goods, or services for correct BOP recording. (October 2025)
  - Review backcasting for BPM6-based 2000–13 BOP considering new travel exports series and submit to IMF’s Statistics Department (STA). (October 2025)
  - Consider incorporating available information on SPEs in the BOP and IIP in the work program for migration to BPM7. (December 2025)
  - Disseminate BOP, metadata and quarterly indicators on the SD website; update IIP statistics posted. (June 2025)

### Operational notes and survey timing
- High-season VES was conducted during March 2024 (St. Patrick’s festival); previous recommendation was to undertake high-season VES from October through March.
- Cruise survey expected to be completed around March of next year.
- Yacht survey designed during mission should be conducted on an ongoing basis with first results expected around March of next year.

*Source: TA mission report — CARTAC/Statistics Department Montserrat, October 14–25, 2024.*

### 19.        It is important to note that the high-season VES was conducted during the St. Patrick’s

### tarea2025062-print-pdf - 19.        It is important to note that the high-season VES was conducted during the St. Patrick’s

### Visitor Expenditure Survey (VES) — Seasonal measurement and ADE
- The high-season VES was conducted during the St. Patrick’s festival and should not be viewed as representative of the rest of the high season.
- Significant difference between the high- and low-season ADE suggests March is a peak within the high season and not representative of other high-season months.
- Using combined high- and low-season VES data, the mission calculated a combined ADE of US$125.29, considered a better indicator for the rest of the high season (an average for the two VES measured in March and June to August).
- The mission recommends conducting a VES from October to February to obtain a more accurate ADE representing the full high season.
- A large outlier was identified in the high-season dataset; removing it reduced the overall high-season ADE to US$156.86.

### Cruise and yacht visitor surveying
- Cruise survey plan:
  - Cruise visitors to be surveyed at the Little Bay ferry terminal during cruise season from November through March.
  - Around 12 cruise ships are expected to visit Montserrat during the season (cruise call schedule acquired from the MTD).
- Yacht visitor survey strategy and context:
  - Most yachts visit Montserrat from November to April.
  - Customs procedure: a customs officer meets yachts on arrival; visitors fill out a yacht clearance declaration form with personal and vessel information.
  - If they stay under 72 hours, they can leave without clearing again; if longer, they must clear on departure. Customs reports most yacht visitors stay less than 72 hours.
  - Only one certain point of contact: customs clearance on arrival.
  - Mission designed an online yacht VES (same platform as regular VES). Customs agreed to distribute flyers with a QR code linking to the online survey.
  - Purpose: collect information for BOP compilation on travel services, goods, repair services, and transportation services; includes a few questions requested by the Tourism Board.
- Known payments and services for yacht visitors (as reported by customs):
  - Port charge, after-hours fee, embarkation tax.
  - Some providers of laundry services, port freshwater provision, and local mechanics for boat service.

- Yacht Survey items mapping to BOP items:
  - Personal spending on shore — Travel service
  - Fuel, spare parts, equipment, and provisions — Goods
  - Boat maintenance — Repair services
  - Fees, such as mooring, marina, or port fees — Transportation service

- Recommendation:
  - The SD and MTD to conduct the VES on visitors departing Montserrat by air and ferry (including excursionists) during October 2024 to  February 2025.
  - The SD and MTD to conduct the VES on visitors departing Montserrat by cruise ships during the high-tourist season.
  - The SD to conduct a survey on yacht visitors on an ongoing basis.

### Travel exports — ADE by visitor category (US$)
- Mission recommendation on ADE usage:
  - Use the high-season ADE values for March (St. Patrick’s festival).
  - Use the combined VES results for other high-season months.
  - Use the low-season VES for the low-season months.

- ADE table (US$) — as used in analysis:
  - Caribbean: High-Season ADE (2010 VES) 122.51; Low-Season ADE (2010 VES) 100.17; High-Season ADE (2024 VES) 201.05; Low-Season ADE (2024 VES) 80.49; Combined, High- and Low-Season ADE (2024 VES) 170.49
  - United Kingdom: High-Season ADE (2010 VES) 100.16; Low-Season ADE (2010 VES) 69.36; High-Season ADE (2024 VES) 142.74; Low-Season ADE (2024 VES) 63.19; Combined, High- and Low-Season ADE (2024 VES) 110.40
  - United States: High-Season ADE (2010 VES) 116.44; Low-Season ADE (2010 VES) 76.89; High-Season ADE (2024 VES) 153.86; Low-Season ADE (2024 VES) 78.82; Combined, High- and Low-Season ADE (2024 VES) 124.34
  - Other countries: High-Season ADE (2010 VES) 104.13; Low-Season ADE (2010 VES) 102.2; High-Season ADE (2024 VES) 156.86; Low-Season ADE (2024 VES) 72.73; Combined, High- and Low-Season ADE (2024 VES) 125.29

### Estimation of travel exports (time series and components)
- Travel export estimation method (from March 2024 TA report):
  - Travel export = (Average Daily Expenditure)t * (Average Length of stay)t * (number of visitors)t
- The mission updated travel exports for 2011 to 2023 using high- and low-season VES results, backcasted using the CPI for Montserrat for 2014–2023; ADE values for 2011–2013 are CPI-adjusted results of the 2010 VES.
- Average length of stay:
  - Updated for the whole time series using CTO-TIMS data categorized by country of residence; previous calculations were inaccurate because they grouped visitors by length of stay without considering country of origin.
- Cruise and yacht visitors:
  - New travel export estimates include cruise and yacht visitors using data from the ECCB.
  - Information on actual spending by cruise and yacht visitors still needs improvement.
  - Cruise VES scheduled November to March will provide crucial information; yacht survey must be implemented.

- Travel exports by visitor type — Estimation (US$ million and counts):
  - Expenditure (US$ million): Overnight 13.5; Excursionists 0.1; Cruise 0.2; Yacht 0.2; Total 14.0
  - Number of visitors: Overnight 7,720; Excursionists 396; Cruise 3,163; Yacht 2,522; Total 13,801
  - Average expenditure (US$): Overnight 1,753.4; Excursionists 155.5; Cruise 59.3; Yacht 100; Total 517

### Exports and imports of goods — data validation and issues
- Customs database (ASYCUDA) aggregation:
  - Mission found no evidence that values are aggregated in different currencies; aggregation is in EC$.
  - Random checks of import values in ASYCUDA cross-checked with invoices and customs declaration reports confirmed currency consistency.
- COMTRADE mirror data discrepancy for 2020–23:
  - Mission investigated 2021 discrepancy focusing on possible products: semi-finished iron (Canada), special pharmaceuticals (United States), medical instruments (Belgium), sand (France).
  - No exports under those main product categories were found in customs database.
  - Export of sand to Guadeloupe found at around 3.3 million EC dollars (compared to 3.7 million EC dollars reported in October 2023 TA mission report). Difference likely due to geographic definition (Guadeloupe included in France's BOP).
- Data loss in 2021:
  - Some customs servers hosting ASYCUDA were permanently damaged in 2021 and a few months of data were lost; data exists in paper format but has not been entered into the system.
  - Customs officer considered it unlikely the data will be entered due to limited resources. Therefore, 2021 import and export of goods are undervalued; the extent is unknown.
- Freight values on imports:
  - Freight values are available in many cases but often not entered; compilers will continue using the c.i.f-f.o.b conversion method.

- Recommendation:
  - In cooperation with the MCRS, identify which time period in 2021 is missing and estimate the missing values for goods imports and exports and update the BOP. Use the paper-based format and focus on main importers and exporters and the highest value goods.

### International cooperation and government transactions
- Treasury Department data:
  - Currently on a cash basis; accrual data is needed to comply with BPM6.
  - Treasury plans to transition to CloudSuite, offering opportunity to obtain BPM6-aligned data.
  - Mission advised SD and Treasury to collaborate during CloudSuite implementation and identify transactions with nonresidents with a separate code.
- Data gaps and specific items:
  - Treasury has no consolidated information from individual departments on cooperation classified in cash, goods, or services.
  - Pension payment data to nonresidents posed no issues.
  - Data on travel expenditure related to training funded by third parties (e.g., CARTAC, CARICOM) is unavailable.
  - For spending on personal, cultural, and recreational services (e.g., St. Patrick’s festival events), mission and SD advised to contact the Montserrat Art Council.
- Carry-over data:
  - SD needs to identify carry-over data; January–March data may include carry-overs from the previous year, distorting current period data.

- Recommendations:
  - SD to collaborate with the Treasury Department during CloudSuite implementation to ensure transactions with nonresidents are identified and reported to the SD.
  - Use detailed information from Montserrat Art Council budget papers to increase coverage of personal, cultural, and recreational services (e.g., St. Patrick’s festival events).
  - Maintain close coordination between SD and Treasury to verify recording of expenses in services in the BOP.
  - Follow up with Treasury on reporting of cooperation classified in cash, goods or services to record accordingly in the BOP.
  - Follow up with Treasury on identification of carry-over data (credits and debits of services, grants, international cooperation, and pensions) from previous periods included in calendar year data.

### Special Purpose Entities (SPEs)
- Financial statements for SPEs (2021–2023) obtained from the Financial Services Commission; these SPEs meet requirements to be classified as deposit-taking corporations, except the central bank (BPM6, para. 4.71).
- Financials (EC$ million):
  - Assets: 2021 1,697; 2022 1,668; 2023 1,651
  - Cash and Deposits: 2021 733; 2022 844; 2023 951
  - Investments: 2021 377; 2022 378; 2023 379
  - Loans: 2021 535; 2022 425; 2023 285
  - Other Assets: 2021 53; 2022 22; 2023 37
  - Liabilities: 2021 1,276; 2022 1,277; 2023 1,270
  - Deposits: 2021 903; 2022 910; 2023 917
  - Other Liabilities: 2021 373; 2022 368; 2023 352
  - Equity: 2021 422; 2022 391; 2023 381
  - Shares: 2021 236; 2022 239; 2023 239
  - Reserves: 2021 95; 2022 95; 2023 97
  - Changes in securities: 2021 0; 2022 -1; 2023 -2
  - Retained Earnings: 2021 90; 2022 58; 2023 47
  - Net income; Profit (Loss): 2021 13; 2022 17; 2023 3
- Residency of counterpart is not available from the financial statements; net profits might include valuation changes.
- ECCB position:
  - ECCB considers these companies nonresidents for all ECCU countries, even though registered in the country.
  - ECCB will incorporate SPEs into member countries’ BOP in the forthcoming BPM7 migration program.

- Recommendation:
  - Consider incorporation of available information on SPEs in the BOP and IIP in the work program for the migration to BPM7.

### Balance of Payments (BOP) revisions and backcasting
- Revised 2023 BOP estimates (as of October 25, 2024) compared with March 2024 publication:
  - Net errors and omissions changed little except for 2022.
  - Published March 2024 vs Revised as of October 25, 2024 — Net Errors and Omissions:
    - 2021: Published EC$15.64, 5.2 percent of current account credits and debits; Revised EC$16.51, 5.4 percent of current account credits and debits
    - 2022: Published EC$1.49, 0.5 percent; Revised EC$4.86, 1.4 percent
    - 2023: Published EC$0.28, 0.1 percent; Revised EC$0.98, 0.2 percent
- Revised BOP figures to be disseminated in December 2024, jointly with other ECCU countries’ data, and should incorporate revised travel exports.
- ECCB backcasting:
  - ECCB published backcasting for 2011–2023 BOP at beginning of 2024; it will be revised due to current travel exports estimates for the whole series.

- Recommendation:
  - Review the backcasting for the BPM6-based 2000–13 BOP statement considering the new travel exports series and submit it to the IMF’s Statistics Department (STA).

### Officials met during the mission
- Ms. Jasmine JnoBaptiste — Officer in charge – Statistics Department Montserrat
- Ms. Adolphia Martin — Assistant Statistician – Statistics Department Montserrat
- Mr. Jason Ryan — IT Technician – Statistics Department Montserrat
- Ms. Alphege Browne — Statistician – Statistics Department Montserrat
- Mr. AJ Lee — Computer Systems Officer – Statistics Department Montserrat
- Ms. Simmone Fenton — Statistician – Statistics Department Montserrat
- Ms. Patrina McArthur — Statistician – Statistics Department Montserrat
- Ms. Vanessa White — Treasury Department
- Ms. Lucille Irish — Treasury Department
- Mr. Verne Cazaubon — ECCB
- Mr. Clyde Rogers — Deputy Comptroller, Customs
- Mr. Ekron White — Customs
- Ms. Tori Greenway — Director of Economic Management (Ag.)
- Mr. Kenya Lee — Financial secretary (Ag), Ministry of Finance and Economic Management
- Mrs. Rosetta West-Gerald — Director - Montserrat Tourism Division

*Source: SD and the mission calculations, mission report text as presented in the content unit.*

### APPENDIX II. BALANCE OF PAYMENTS 2021–2023, REVISED VS. PUBLISHED MARCH 2023

### APPENDIX II. BALANCE OF PAYMENTS 2021–2023, REVISED VS. PUBLISHED MARCH 2023

### 1. Current account (and major subcomponents)
- Overall current account balances (Published March 2023 | Revised | Diff.)
  - 2021: -36 | -35 | 1
  - 2022: -22 | -16 | 6
  - 2023: -20 | -14 | 6
- Current account Credit and Debit
  - Credit
    - 2021: 132 | 136 | 4
    - 2022: 154 | 169 | 15
    - 2023: 184 | 196 | 12
  - Debit
    - 2021: 168 | 171 | 4
    - 2022: 176 | 185 | 9
    - 2023: 204 | 210 | 6
- 1.A. Goods and services (net)
  - 2021: -106 | -105 | 1
  - 2022: -110 | -103 | 7
  - 2023: -126 | -121 | 5
  - Credit (Goods and services)
    - 2021: 37 | 42 | 4
    - 2022: 43 | 58 | 15
    - 2023: 54 | 66 | 11
  - Debit (Goods and services)
    - 2021: 144 | 147 | 3
    - 2022: 153 | 161 | 8
    - 2023: 180 | 187 | 7
- 1.A.a. Goods
  - Net: 2021: -64 | -64 | 0; 2022: -76 | -76 | 0; 2023: -98 | -99 | 0
  - Credit
    - 2021: 23 | 23 | 0
    - 2022: 18 | 18 | 0
    - 2023: 16 | 16 | 0
  - Debit
    - 2021: 87 | 87 | 0
    - 2022: 94 | 94 | 0
    - 2023: 114 | 114 | 0
- 1.A.b. Services
  - Net: 2021: -42 | -41 | 1; 2022: -34 | -27 | 7; 2023: -28 | -23 | 5
  - Credit
    - 2021: 15 | 19 | 4
    - 2022: 25 | 40 | 15
    - 2023: 39 | 50 | 11
  - Debit
    - 2021: 57 | 60 | 3
    - 2022: 59 | 67 | 8
    - 2023: 66 | 73 | 6
  - Travel (of which)
    - Net: 2021: -6 | -1 | 5; 2022: 0 | 13 | 14; 2023: 11 | 19 | 8
    - Credit
      - 2021: 4 | 11 | 6
      - 2022: 13 | 30 | 17
      - 2023: 26 | 38 | 13
    - Debit
      - 2021: 10 | 11 | 1
      - 2022: 13 | 16 | 3
      - 2023: 15 | 20 | 5
- 1.B. Primary income
  - Net: 2021: 5 | 5 | 0; 2022: 8 | 8 | 0; 2023: 11 | 11 | 0
  - Credit: 2021: 6 | 6 | 0; 2022: 9 | 9 | 0; 2023: 12 | 12 | 0
  - Debit: 2021: 1 | 1 | 0; 2022: 1 | 1 | 0; 2023: 1 | 1 | 0
- 1.C. Secondary income
  - Net: 2021: 65 | 65 | 0; 2022: 80 | 79 | -1; 2023: 96 | 96 | 1
  - Credit: 2021: 88 | 88 | 0; 2022: 102 | 102 | 0; 2023: 118 | 118 | 0
  - Debit: 2021: 23 | 24 | 1; 2022: 22 | 23 | 1; 2023: 23 | 22 | -1

### 2. Capital account and overall balances
- Capital account (Credit | Revised | Diff.)
  - 2021: 35 | 35 | 0
  - 2022: 16 | 16 | 0
  - 2023: 20 | 21 | 1
  - Debit for capital account: 0 | 0 | 0 (all years)
- Net lending (+) / net borrowing (-) from current and capital account (balance from current and capital account)
  - 2021: -1 | 0 | 1
  - 2022: -7 | 0 | 6
  - 2023: 0 | 7 | 7

### 3. Financial account and components
- Net lending (+) / net borrowing (-) (balance from financial account)
  - 2021: -17 | -17 | 0
  - 2022: -5 | -5 | 0
  - 2023: 0 | 8 | 8
- 3.1. Direct investment
  - Net: 2021: -6 | -6 | 0; 2022: -13 | -13 | 0; 2023: -19 | -9 | 9
  - Net acquisition of financial assets: all years 0 | 0 | 0
  - Net incurrence of liabilities: 2021: 6 | 6 | 0; 2022: 13 | 13 | 0; 2023: 19 | 9 | -9
- 3.2. Portfolio investment
  - Net: 2021: 89 | 89 | 0; 2022: 2 | 2 | 0; 2023: 53 | 52 | -1
  - Net acquisition of financial assets: same as net above
  - Net incurrence of liabilities: 0 | 0 | 0 (all years)
- 3.4. Other investment
  - Net: 2021: -14 | -14 | 0; 2022: 24 | 24 | 0; 2023: -33 | -33 | 0
  - Net acquisition of financial assets: 2021: -36 | -36 | 0; 2022: 26 | 26 | 0; 2023: -31 | -31 | 0
  - Net incurrence of liabilities: 2021: -22 | -22 | 0; 2022: 2 | 2 | 0; 2023: 1 | 2 | 0
  - Currency and deposits
    - Net: 2021: -14 | -14 | 0; 2022: 24 | 24 | 0; 2023: -34 | -34 | 0
    - Net acquisition of financial assets: 2021: -35 | -35 | 0; 2022: 27 | 27 | 0; 2023: -32 | -32 | 0
    - Net incurrence of liabilities: 2021: -22 | -22 | 0; 2022: 3 | 3 | 0; 2023: 2 | 2 | 0
  - Loans
    - Net: 2021: 1 | 1 | 0; 2022: 0 | 0 | 0; 2023: 2 | 2 | 0
    - Net acquisition of financial assets: 2021: 0 | 0 | 0; 2022: -1 | -1 | 0; 2023: 1 | 1 | 0
    - Net incurrence of liabilities: 2021: -1 | -1 | 0; 2022: -1 | -1 | 0; 2023: -1 | -1 | 0
  - Insurance, pension, and standardized guarantee schemes: -1 | -1 | 0 (2021); 0 | 0 | 0 (2022 & 2023)
  - Trade credit and advances: 0 | 0 | 0 (all years)
  - Other accounts receivable/payable: 0 | 0 | 0 (all years)
- Reserve assets
  - 2021: -87 | -87 | 0
  - 2022: -19 | -19 | 0
  - 2023: -2 | -2 | 0
  - of which Currency and deposits / Claims on monetary authorities mirror the reserve assets figures exactly for each year
- Net errors and omissions
  - 2021: -16 | -17 | -1
  - 2022: 1 | -5 | -6
  - 2023: 0 | 1 | 1

### APPENDIX III. RESPONSE RATE TO BALANCE OF PAYMENTS SURVEY 2023 (PERCENTAGE)
- Notes
  - 1/ Nominal rate. Provisional rates as of October 25, 2024.
- Summary by BOP form / sector (selected entries; columns: # of Establishments | Weighted Response rate | Response rate | # of Forms Received)
  - BOP 1 Accommodation Establishments: 10 | 13.71% | 30.00% | 3
  - BOP 2 Foreign Direct Investment Enterprises: 2 | 0.00% | 0.00% | 0
  - BOP 3A Insurance Companies: 1 | 100.00% | 100.00% | 1
  - BOP 3B Insurance Agents: 4 | 51.11% | 50.00% | 2
  - BOP 4 Deposit Taking Institutions: 3 | 100.00% | 100.00% | 3
  - BOP 5 Money Transfer Companies: 2 | 100.00% | 100.00% | 2
  - BOP 6 Oil Importing Companies: 1 | 0.00% | 0.00% | 0
  - BOP 8 Shipping and Express Delivery Agencies: 7 | 6.99% | 28.57% | 2
  - BOP 9 Travel Agencies: 3 | 49.44% | 66.67% | 2
  - BOP 10A Domestic Airlines: 1 | 0.00% | 0.00% | 0
  - BOP 11B Regional and International Airlines: 1 | 0.00% | 0.00% | 0
  - BOP 11A LIAT island Operations: 1 | 0.00% | 0.00% | 0
  - BOP 12A Ministry of Finance - Debt Unit: 1 | 100.00% | 100.00% | 1
  - BOP 12B Ministry of Finance - Treasury Dep't: 1 | 100.00% | 100.00% | 1
  - BOP 13 Statutory Bodies and Development Bank: 4 | 78.59% | 75.00% | 3
  - BOP 14 Sea Port Authority: 1 | 100.00% | 100.00% | 1
  - BOP 15 Airport Authority: 1 | 100.00% | 100.00% | 1
  - BOP 18 Charitable Organisations: 13 | 0.13% | 38.46% | 5
  - BOP 20 General Establishments Form: 1 | 0.00% | 0.00% | 0
- Total
  - 58 | 86.40% | 46.55% | 27

*As of October 25, 2024. Source: ECCB and SD*

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_Source: https://www.imf.org/-/media/files/publications/tar/2025/english/tarea2025062-print-pdf.pdf_