G.F. 323
CONFIDENTIAL #
機密
12.
the corresponding quarters in 1975; but the quantity of imports for
the third quarter of 1976 decreased by 2% compared with the second
quarter. In particular, the quantity of imports of raw materials and
semi-manufactures for the third quarter of 1976, although still 19%
higher than for the corresponding quarter in 1975, was 7% less than in
the second quarter of 1976. A possible explanation for the decline is that
the third quarter is a season for low imports, especially of raw
materials and semi-manufactures, because at the start of the third
As a
quarter, most manufacturers probably have stocks adequate for manufacturing
to winter orders. The explanation is supported by recently obtained
statistics showing a heavy build up of stocks in the first half of 1976
possibly in excess of export requirements during that period.
result, the stock level in the third quarter of 1976 was possibly
high even in relation to a continuing growth in exports. This would
reduce the need for a large growth of imports of raw materials and
semi-manufactures towards the latter half of 1976. The quantity of
imported raw materials and semi-manufactures for the first three quarters
of 1976 was still 44% higher than in the corresponding period in 1975.
26.
Growth in the other import categories was considerably less.
Foodstuffs, which have a rather low income elasticity, for the first
three quarters of 1975 were 6 higher in quantity than in the first
three quarters of 1975. The quantity of consumer goods imported was
31% higher, indicating a rapid increase in consumer demand; motor cars,
in particular, were 190% higher. The quantum index of imports of
consumer goods in Cctober 1976 was 127, 35% higher than in Cctober
1975 and 14% higher than in September 1976. The index for November
was 126.
CONFIDENTIAL
機密
Page 120Page 121
No comments yet.
Private notes are available after approval.