re-exports),
recorded
at 5%. A visible
(13)
trade gap
of 4.0% was
in the first half of this year, compared with a visible trade surplus, equivalent to 0.2% of the value of imports, in the first half of 1985 (14)
2.19
•
Both import prices and total export prices increased at roughly the same rate during the first half of this year.
As
result, a
change during the
(15)
the terms of trade
index
showed little
(16)
first half
•
Despite this, when
compared with the
first
half of
1985, there was some
deterioration in the terms of trade.
/Invisible
...
(13) The visible trade gap is defined as the proportion of the value of
imports not covered by receipts from total exports.
(14)
(15)
The last time when a half-yearly visible trade surplus was recorded was in 1951.
The terms of trade index is defined as the ratio between the unit value index of total exports (domestic exports plus re-exports) and that of imports.
(16)
Unit value indices (1981 100)
Terms of
Total exports
Imports
trade index +
1985
H1
135
128
105
H2
134
128
105
Q1
135
129
105
Q2
135
128
105
Q3
135
127
106
Q4
133
128
103
Dec
132
129
103
1986 Q1
134
132
102
Apr
136
134
102
May
136
134
101
H1*
135
133
102
Notes: (+) The terms of trade index may not be equal to the unit value index of total exports divided by that of imports due to rounding.
(*) Estimated by using trade indices available up to May 1986.
19
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