2.15
As import prices increased faster than total export
prices between the third quarter of 1985 and the third
some deterioration in the terms of
However, at 101 in the third
quarter of 1986, there was
trade over this period (7).
quarter, the terms of trade index showed little change from
the level in the first half of this year.
(7)
/Invisible
The terms of trade index is defined as the ratio of the unit value index of total exports (domestic exports plus re-exports) to that of imports.
Unit value indices
(1981 =
100)
Total exports
Imports
Terms of trade index+
1985 H1
Q4
E£ 2222
135
128
105
H2
134
128
105
!
135
129
105
Q2
135
128
105
Q3
135
127
106
!
133
128
103
1986 H1
135
133
102
Q1
134
132
102
Q2
- 136
134
102
Q3*
138
136
101
Notes: (+) The terms of trade index may not be exactly equal to the unit value index of total exports divided by that of imports due to rounding.
(*) Estimated using trade indices available up to August 1986.
18
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