SINGAPORE These days everyone seems to want to run a current account surplus.

SINGAPORE These days everyone seems to want to run a current account surplus. China has long run large surpluses.

So China continues to run a giant trade surplus, and the US continues to spend and borrow.

Now it has a surplus.

After all, under any scenario, Greece will need to run a primary surplus and undertake structural reforms to transform its economy.

These deficits facilitate the surpluses that emerging markets such as China want to run the world s current accounts add up to zero, so if one large set of countries wants to run a surplus, someone big needs to run a deficit.

If a considerable fraction of the world economy wants to run a current account surplus (by 2006, this included much of emerging Asia, most oil exporters, and Japan), an equal share of the world economy must run a deficit.

The IMF has required that Brazil run a primary surplus (i.e. interest on government debt is excluded in the budget calculations) of 3.75 on its budget.

The IMF has required that Brazil run a primary surplus (i.e. interest on government debt is excluded in the budget calculations) of 3.75 on its budget.

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China found it useful to run a large trade surplus, using a very high rate of internal savings and inward foreign investment to support its industrialization and rapid growth.

It is nice that Mexican workers and entrepreneurs are gaining experience in export manufactures, and successful enough to run a trade surplus vis à vis the US.

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And Germany recorded a trade surplus of 175 billion in the 12 months through August, whereas Spain has run a trade deficit of 84 billion in the past 12 months.

To do so, the US will need a trade surplus.

Equally problematic is Germany s focus on maintaining a fiscal surplus.

This typically happens when the government runs a primary surplus.

Even with German level interest rates, Greece would have to run a primary surplus of at least 2 of GDP still quite large, and far from today s deficit.

Booming tax receipts have provided the government with a fiscal surplus.

As a result, the total eurozone trade surplus is now massive.

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The US is draining a whopping 75 of the world s surplus savings.

Africa has a surplus of agricultural labor and too few other jobs.

That country has a trade surplus. It exports more than it imports.

That's the second half of cognitive surplus.

Who gets to pocket this team surplus ?

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Saudi Arabia also has a bilateral and multilateral surplus Americans want its oil, and Saudis want fewer US products. Even in absolute value, Saudi Arabia s multilateral merchandise surplus of 212 billion in 2008 dwarfs China s 175 billion surplus as a percentage of GDP, Saudi Arabia s current account surplus, at 11.5 of GDP, is more than twice that of China.

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More recently, however, China has been running a large multilateral surplus as well.

In ancient times, India ran a large trade surplus with the Roman empire.

Nine months ago, Greece had a budget surplus and prospects for economic growth.