The visible trade gap and the terms of trade
2.11
The year-on-year growth rate of the value of total exports (domestic exports plus re-exports), at 6% in the first
quarter, was faster than that of imports at 28. In
(3) consequence,
the visible trade gap
at 13% was
significantly narrower than in the first quarter of 1982
16%.
at
2.12
During the first quarter, the rate of increase in total export prices was slightly slower than that for import
(4) prices. As a result, the terms
terms of trade index dropped to 99, compared with 100 in the fourth quarter of 1982 (5).
/Invisible
(3) The visible trade gap is defined as the proportion of the value of
imports not covered by receipts from total exports.
(4)
(5)
Due to the growing importance of re-exports, the terms of trade index has been re-defined as the ratio between the unit value index of total exports (domestic exports plus re-exports) and that of imports. In previous reports, the terms of trade index was defined as the ratio between the unit value index of domestic exports and that of imports.
Unit value indexes (1981 = 100)
Total exports
Imports
Terms of trade index#
1982 Q1
107
107
100+
Q2
107
105
103+
Q3
108
104
104+
Q4
107
107
100+
Dec
106
107
99+
1983 Jan
109
109
100
Feb
111
111
99
Mar*
112
113
99
Notes:
(#)
(+)
The terms of trade index may not equal to the unit value index of total exports divided by that of imports due to rounding.
The terms of trade indexes prior to January 1983 have been revised according to the new definition set out in footnote (4) above.
(*) Estimated by using trade indexes available up to February 1983.
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