bined fall is $ 17.8 bill ion). Until then the worst years had been 1975 and 1978, when the falls were $2.3 billion and $2.8 billion respectively. Even at ~r;w tunt prices there is no com­ parison between the bad years o .. 19 75 or 1978 and the disasters of 1981-1982. At the end of 1981 reserves were sufficient to cover two and a half nontl1s of imports. 26. Hardest-hit by the deterioration in the ba.l ance of payments were Africa's three major oil exporters. Their combined current account surplus for 1979-1980 was $ 21. 8 bill ion, but even so they registered an over-all deficit of $6.0 billion for the period of 1978-1982. In 1981 and 1982 reserves fell by $10.5 billion and $6.4 billion respectively. The estimated level of reserves at the end of 1982 was $400 million lower than at the end of 1977. In September 1982 the reserves were sufficient to finance 2.7 months' imports. The balance of payments of Africa's major oil exporters is presented in table VI.B.2. 27. The difficuties of the non-oil-exporting countries of developing Africa increased in 1981-1982. These years witnessed unprececentedly high current account deficits, reaching a peak in 1981 with $18.8 billion, the equvivalent of about two thirds of the value of exports and 12 per cent of GDP. Capital inflows in 1981 and 1982 were more than twice as high as in 1975, while of­ ficial transfers stood about 20 per cent above their level of 1975-1979. 119 E/EC!./C~1. 9/5 Table VI.B.2 Balance of payments of Africa's major oil exporters~/ (Billions of US dollars) Exports (f.o.b.) Imports (f. o. b. ) Trade balance Net services and private transfers Balance on current account Official transfers (net) Capital (net) Net errors and omissions Total change in reserves 1980 63.2 -37.8 25.4 
**Analysis**
The text discusses the economic situation of Africa, specifically the balance of payments and reserves of several countries. It highlights the significant decline in reserves in 1981-1982 and the impact on the countries' ability to finance imports. The text also provides data on exports, imports, and capital inflows, which suggests a strong focus on economic development and international trade.

**Category**
International trade, Economic development