CHAPTER 2: THE EXTERNAL SECTOR
Domestic exports.
2.1
first half of
The value of domestic exports in the
1986, at $65,374 million, was 8% higher than in the first half
of 1985. Trade indices available up to May 1986 suggest little
change in export prices (1) implying that the growth rate in
real terms was of nearly the
of nearly the same magnitude. This was made up of year-on-year growth rates in real terms of 1% in the first in the second quarter of this year. quarter and of about 14% The decline in domestic exports in real terms, which started in
the first quarter of 1985, was thus arrested in the fourth
quarter and the recovery
the recovery seems to have gathered momentum in the
second quarter of 1986. Latest figures on retained imports of
raw materials and semi-manufactures (paragraph 2.14) and on the
order-book positions of a selection of large manufacturers
(paragraph 5.3) suggest a further improvement in manufacturing
activity in the third quarter.
Year-on-year
Growth rates of domestic exports (%)
Rate of increase
in prices
comparison
In money
terms
In real
terms
1985/1984
-6
-5
0
1985/1984 H1
- 4
1
- 6
H2
-8
-5
60 15
2
-3
01
3
- 1
4
Q2
-9
- 10
1
Q3
- 12
-10
- 2
Q4
-3
1
-4
1986/1985
Q1
Q2
22
1
1
0
15
14*
1*
H1
8
8*
0*
Note : (*)
Estimated by using trade indices available up to May 1986.
(1)
/Domestic
Prices are based on unit values which do not take into account changes in the composition or quality of goods traded, except for some selected commodities for which specification price indexes are compiled. Changes in real terms are derived from changes in trade values, by discounting the effect of price changes.
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