1
The visible trade "gap" and the terms of trade
2.10
Comparing the first quarter of 1982 with the first
quarter of 1981, the growth rate of the value of total exports
(domestic exports plus re-exports) at 10% was higher than that
the first
the first
of imports at 7%. The visible trade "gap" in quarter of 1982
1982 at 16% was narrower than that in the
quarter of 1981 at 18%.
2.11
As the rate of increase in the prices of imports was
roughly the same as that of domestic exports during the first quarter of 1982, the terms of trade index
trade index (the ratio between
the prices of domestic exports and those of imports as
measured by their unit value indexes) remained stable at the same as in December 1981(2).
98,
(2)
/ Invisible
Unit value indexes
(1981 = 100)
Domestic exports
Imports
Terms of trade index
1981 Q1
95
95
100
Q2
98
98
100
Q3
103
102
101
Q4
103
105
98
Dec
102
104
98
1982 Jan
103
107
96
Feb
105
107
98
Mar
105 (*)
107(*)
98 (*)
(*)
Estimated by using trade indexes available up to February 1982.
Starting from January 1982, the unit value and quantum indexes have been rebased to 1981 = 100.
10
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