ECONOMIC INTELLIGENCE WEEKLY

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001500150032-1
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 17
• Document Creation Date: December 22, 2016
• Document Release Date: September 29, 2009
• Sequence Number: 32
• Publication Date: July 24, 1974
• Content Type: REPORT

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Secret
Economic Intelligence Weekly
Secret
CIA No. 8135/74
24 July 1974
Copy N2 178
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aecrer
Flow of Investment and Aid to Egypt Delayed Transportation bottlenecks
and administrative problems are being encountered.
Japan Increases Investment in Overseas Steel New steel capacity overseas
will protect foreign markets and free Japanese steel capacity for the
domestic market.
Fear of New Bank Failures Continues to Dominate Currency Trading
European activity remains depressed as more cautious trading practices are
adopted.
World Beef Glut Disrupts Trade Beef import bans by the EC and Japan
contribute to the 25% drop expected this year in exports of major
producers.
Trade Negotiations Make Little Headway Detailed consideration of
substantive trade issues cannot begin until the United States and the EC have
negotiating mandates.
Copper Leads Decline in World Metals Prices Nonferrous metals prices have
fallen to near the pre-Arab embargo levels. 6
Iran: More Room to Lend Financial commitments to date absorb only a
small part of surplus oil revenues. 8
EC Growth Forecasts
Soviets Stul Looking for Ammonia Plants
New Boosts in Fertilizer Prices
Saudi Arabia Announces Record Budget
Gold's Glitter Not Gone
Mexican Border Industries Continue Strong Gains
Chile's Wheat Problems
Summaries of Recent Publications
Comparative Indicators
Recent Data Concerning Internal and External
Economic Activities
Note: Comments and queries regarding this publication are welcomed.
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Secret
ECONOMIC INTELLIGENCE WEEKLY
Articles
FLOW OF INVESTMENT AND AID TO EGYPT DELAYED
Transportation bottlenecks and administrative delays are slowing the flow of
Arab aid and Western foreign investment to Egypt.
The most conspicuous bottleneck is congestion at Alexandria, the country's
only fa!ly operative port. At the end of June, almost a million tons of cargo were
piled up on the piers and 42 ships were waiting for berthing space. These conditions
highlight Egypt's need to concentrate on the redevelopment of the Suez Canal
area, which can be serviced by newly reopened ports at Suez and Port Said.
Administrative problems are impeding the flow of financial assistance. More
than $3 billion in project aid and private venture capital has been offered, but
Egyptian authorities seem unable to come up with a list of priorities or to conduct
feasibility studies. State bureaucrats are reluctant to hand over information,
normally considered proprietary, that would enable prospective donors and investors
to formulate their own judgments. The proposed US-Egyptian joint planning and
project study commission is intended to minimize these problems for USAID and
for US investors.
Japanese firms are building crude steel capacity overseas to protect their
foreign markets. Plans for joint ventures and financial assistance have been
announced for the construction of 16 new steel plants and the expansion of 3
existing plants at a cost of about $9 billion, From a current base of less than
2 million tons, these plans will add 31 million tons of new capacity by 1980
and 54 million tons by 1985.
Output from the new plants will be consumed primarily in the host countries,
replacing purchases now made in Japan. By relieving strains on Japan's steel
industry, capacity will be freed for the domestic market. Plans call for only a
4% annual expansion in domestic Japanese steel capacity, in part because of siting
problems, to around 175 million tons of crude steel in 1980.
The bulk of the overseas steel projects are being undertaken in Latin America,
the Middle East, and Southeast Asia. About half of the new capacity will be located
in Brazil. Most of the facilities under construction are integrated mills. Pipe, sheet,
and structural steel will make up the bulk of the output.
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Secret
Foreign Venture
Japanese
Equity Par-
ticipation
(Percent)
New
Capacity
(Million Toils)
Cost
(Million
US S)
Brazil
Nippon Steel Corp.
C. Itoh and Co.
Mitsui and Co.
Kawasaki Steel Corp.
3.0 by 1977
750
Societa Finansiariu
6.0 by 1985
Siderurgica of Italy
Kobe Steel, Ltd.
N.A.
1.2 by 1980
N.A.
5.0 by 1985
Nippon Steel Corp.
N.A.
5.0 by 1980
1,000
12.0 by 1985
Colombia
Nippon Steel Corp.
Colombian Government
N.A.
0.5 by 1980
N.A.
Mexico
Nippon Steel Corp.
Fundidora Monterrey S.A.
12
1.0 by 1980
15.5
Mitsubishi Corp.
Mitsui and Co., Ltd.
N.A.
N.A.
1.0 by 1980
150
Hellenic Steel Co.
25
1.1 by 1980
500
Qatar
Kobe Steel, Ltd.
Qatar Government
30
0.4 by 1980
160
Saudi Arabia
Australia
Tokyo Bocki, Ltd.
Nippon Steel Corp.
Nippon Kokan
Sumitomo Metal Ind., Ltd.
Sumitomo Shoji
Sumitomo Metal Ind., Ltd.
Petrondn
Marcona
Estel
Broken Hill Proprietary
N.A.
3.0 by 1980
over 1,000
Indonesia
Marubeni Corp.
Toshin Steel Co., Ltd.
US Steel Corp.
British Steel Corp.
Hongovens
N.V. Suntera
Sims Consolidate, Ltd.
Canadian Government
British Columbian Govern-
ment
N.A.
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Secret
Non-Equity Japanese Financing of Overseas Steel Plants
Financial
Japanese
Assistance
Capacity
Cost
Participants
(Million US $)
(Million Tons)
(Million US $)
Mexico
Export-Import Bank,
75
1.2 by 1980
630
commercial banks
Algeria
Nippon Loei
N.A.
2 by 1985
South Korea
Export-import Bank
45
1.6 by 1930
FEAR OF NEW BANK FAILURES CONTINUES
TO DOMINATE CURRENCY TRADING
Currency trading in Europe remains depressed in the wake of last month's
failure of the West German bank I.D. Herstatt. The belief that other European
banks will fail in the next few months has led to the adoption of more cautious
try din practice
The skittishness of the banking community has had several effects:
? Only spot currency transactions necessary for non-speculative needs
are being executed.
? Forward currency trading remains light and costly.
? Most currency trading has shifted to large, reputable banks.
? Most US banks are now issuing currency orders that they can cancel
within 24 hours.
The cancellation provision has caused dissension. US banks instituted the
procedure on the Monday following the Herstatt failure. Only a few orders with
some Italian banks have, in fact, been canceled but some Swiss banks have retaliated
by insisting on similar provisions when dealing with US institutions. F
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WORLD BEEF GLUT DISRUPTS TRADE
The turnaround during the past 12 months from world beef shortage to
oversupply is inducing nations to take actions that are disruptive to the international
beef trade. Exports by major producers are expected to drop 25% this year.
Bzef supplies began to increase in late 1973 following a three-year buildup
in herd size. This buildup coincided with a slowdown in the growth of world
demand. The resulting decline in beef prices along with increased costs of feedgrains
and other inputs caught producers in a severe cost-price squeeze. They are now
withholding cattle from market, but they cannot do so indefinitely. Unless world
demand recovers or feed prices fall, producers will be forced to reduce their herds,
which would result in an especially large increase in world beef production next
year.
Cattle Numbers and Berf Production, Selected Countries)
1972
1973
19742
Percent
Increase
1974 over 1973
Cattle numbers
Million Head
South America
192.9
199.4
205.0
2.8
United States
117.9
121.5
127.5
4.9
USSR
102.4
104.0
106.2
2.1
EC
71.7
74.8
78.2
4.5
Australia
27.4
29.1
31.5
8.2
Mexico
26.1
26.8
27.1
1.1
Canada
12.3
12.6
13.4
6.3
New Zealand
8.8
9.1
9.2
1.1
Beef production
Million Tons
United States 10.3
9.8
10.1
3.1
EC 5.4
5.6
6.1
8.9
Australia and New Zealand 1.7
1.9
2.0
5.3
1. Cattle numbers are for the beginning of the y ar, and beef production for the end of the year.
2. Estimated.
The EC and Japan, the major foreign beef importers, have stopped beef imports
to protect domestic producers. The EC has banned almost all beef imports from
16 July to 31 October. The Japanese temporarily suspended beef import quotas
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on 1 February and have extended the suspension for the rest of the year. Despite
the import cutoff, EC cattle prices have fallen more than 10% below the guaranteed
purchase price, necessitating subsidized purchases that have raised Commission beef
stocks to some 130,000 tons - near storage capacity.
A major new source of beef demand in international markets is the USSR,
which is taking advantage of depressed world prices to supplement the low level
of domestic consumption. the Soviets had bought 110,000 25X1
to 120,000 tons of beef, primarily from Yugoslavia, France, and Argentina. A
purchase of 50,000 tons from the EC reported earlier has not yet been confirmed.
The United States, as the only major consumer without an import ban, can
expect import pressures to intensify. Thus far, the major exporters to the United
States - Australia and New Zealand - have voluntarily restricted shipments to avoid
the risk of having permanent quotas reinstated.
TRADE NEGOTIATIONS MAKE LITTLE HEADWAY
Little progress was made at last week's meeting of the GATT Trade
Negotiations Committee (TNC) - the committee responsible for overseeing progress
in the multilateral trade talks. Participants sidestepped GATT Director-General
Long's efforts to formulate an outline for detailed discussions. The Committee
adjourned until October.
Detailed consideration of substantive issues cannot begin until the United
States and the European Community have negotiating mandates. The EC, reacting
to a US statement that the Trade Reform Act would be passed by late October,
requested that the exact date of the next TNC meeting be left open.
Discussions on trade liberalization will not begin until several months after
EC and US negotiators have obtained the necessary mandates. Because of economic
uncertainties and mounting balance-of-payments deficits, many countries are
hesitant to negotiate significant reduction in trade barriers. Indeed, if economic
conditions deteriorate further, domestic protectionist pressures may increase.
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COPPER LEADS DECLINE IN WORLD METALS PRICES
Plummeting copper prices on the London Metal Exchange (LME) highlight
the end of the recent metals price boom. Copper, lead, zinc, and tin have all declined
from mid-May peaks, following 16 months of nearly steady upward movement.
Factors behind the current downturn include:
? Fall in demand in major consuming countries, particularly Japan,
because of slower economic growth.
? Current high-interest rates that are discouraging further stock
building.
? Market pessimism about price prospects exacerbated in the case of
copper by early settlement of US wage negotiations.
Nonferrous metals prices have fallen to near the pre-Arab embargo levels.
Copper prices fell from $1.49 per pound in early May to 82.6 cents on 10 July,
while zinc fell from 96.5 cents in early May to 45.1 cents on 3 July. The fall
in the price of lead was somewhat less, from 35 cents a pound on 6 May to
23.6 cents on 1 July. Copper and lead prices are almost double the mid-1972
average, while the price of zinc has nearly tripled.
In contrast to prices on the LME, US producer prices for copper have risen
with rising costs and the relaxation of US price controls. The London price
approximates a world market price for copper, lead, zinc, tin, and silver and is
frequently used by major producers and dealers in world trade, but US producers
of copper, lead, and zinc maintain separate US prices. The US price is generally
more stable than LME prices and usually is slower to reflect changing world
supply-demand conditions. By mid-year the gap between falling L.ME prices and
rising US producer prices for copper and lead had almost disappeared, while the
gap in zinc prices was sharply reduced.
Paralleling the decline in gold prices, US platinum prices have drifted down
to $174 per troy ounce in July, following a rise at the beginning of the year
that reached a peak of $240 in February. Strong US demand for tin, however,
bucked declining LME tin prices. In mid-July the US spot price was $4.25 per
pound, compared with the LME price of $3.84. A continued high level of steel
production has held steel scrap prices near peak levels.
Prospects for the second half of 1974 remain bearish, and LME prices probably
will decline further so long as world industrial demand remains sluggish and interest
rates high. Stocks of metals are still low, however, which makes prices more sensitive
that, usual to sudden shifts in supply or demand such as strikes, mining disasters,
or political decisions to limit output. In any event, there will be upward pressuw
on US producer prices as a result of rising costs.
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METAL PRICES
M
140
100
0
80
a,
o 60
COPPER
(wire bar)
F London Metal Exctl 1n(Jo*
(L_ME)
01--
1972
ZINC
PLATINUM@
2128 51219
Jun Jul
1974
2128 G 1219
Jun Jul
1974
400
ti 300
a`,
CL
0I 1 1
1972 73 74 Jun
?Quoted on New York market.
TIN?
STEELSCRAP?
01 I I 111111 0l I I
1972 73 74 Jun 2027211 1972 73 74 Jun
Jun Jul
(i)New York Dealers' Price. 1974 @ Composite price for Chicago,
Philadelphia, and Pittsburgh.
?4oproximates world market price; frequently used by major world producers
and traders, although only small quantities of these metals are actually traded.
"Producers' price; covers most primary metal sold in US.
212851219
Jun Jul
1974
2128 51219
Jun Jul
1974
WJ
21 28 512
Jun Jul
1974
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IRAN: MORE ROOM TO LEND
The recent $1.2 billion Ivan to the British government further demonstrates
the Shah's determination to use oil revenues to further Iran's international influence.
Iran's financial commitments to date absorb only a small part of the surplus oil
revenues, and major additional moves are likely.
Million US $
Total
4,895
United Kingdom
1,200
France
1,000
India
1,000
Egypt
850
Pakistan
580
Syria
150
Sudan
65
Morocco
30
Jordan
8
Senegal
8
Tunisia
4
Since the outset of 1974 the Shah has taken a variety of steps to spend
some of Iran's oil money. These have included:
? oil credits to India and Pakistani,
? aid to Egypt and Syria for various development projects,
? a Killion dollar advance payment (spread over three years) to France
for economic projects,
? purchase of 25% ownership in the Krupp steel plant (for $60
million), and
? purchase of $200 million in IBRD bonds
? as well as the British loan (spread over three years).
These commitments, totaling about $5 billion, will be disbursed over the next
few years. Total disbursement this year, however, will amount to only about $1.2
billion. With oil revenues of $21 billion and a probable current account surplus
of some $12 billion in 1974, Iran can easily expand its lending and foreign aid.
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EC Growth Forecasts
The EC Commission has released new 1974 GNP estimates that will be
discussed at the finance ministers' meeting in Brussels this week. The Community
is expected to grow at 2-1/2% for the year. Estimates for individual countries differ
only slightly from the most recent OECD forecasts, with the exception of Italy.
The EC projects Italian growth at 4% to 5%, compared with OECD's forecast
of 3.2%.
Soviets Still Looking for Ammonia Plants
The Soviet Union is negotiating with Ensa, a French firm, to purchase
additional ammonia plants for the fertilizer complex at Kuybyshev. The technology
in Ensa's proposal is slated to be supplied by M.W. Kellogg. When Chemico was
awarded a contract for at least $215 million for the first four plants in June,
it seemed that rising equipment costs had forced the Soviets to postpone purchase
of the remaining four ammonia plants planned for Kuybyshev.
New Boosts in Fertilizer Prices
During the last three months, Soviet, US, and Venezuelan exporters have raised
the price of urea from an average of $250 per ton to $400-$440. West European
suppliers of diammonium phosphate are quoting prices of up to $485 per ton,
almost double the price in April. Middle East exporters are offering to sell triple
superphosphate for $315 per ton, an increase of about $100 in the last three
months. Prices are likely to remain high until substantial new nitrogen and
phosphate fertilizer capacity comes on stream in mid-1975. ~
Saudi Arabia Announces Record Budget
Saudi Arabia has budgeted expenditures of about $12.8 billion for the fiscal
year beginning 22 July, nearly four times last year's actual expenditures but less
than one-half of planned revenues.
Actua expenditures have been
running at only about one-half the planned rate, and the planning guidelines for
the economy in 1975 suggest that this situation will continue. Actual expenditures
of about $6 billion would yield an overall surplus of more than $20 billion.
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Gold's Glitter Not Gone
The month-long slide in the free market gold price appears to have ended.
Yesterday's London price was $144 a troy ounce. The decline was due to a general
weakening in prices of metals, the high interest cost of holding gold, and the belief
that the lierstatt Bank had large bullion stocks that would have to be liquidated.
Professional gold traders believe that the price will recover later this year - partic-
ularly if the ban on private gold holdings by US citizens is lifted
London Free Market Gold Price* 1974
Dollars per
troy ounce
*Based on the afternoon fix in London on the
last trading day in each week.
"Gold was fixed at an all-time record high of
$179.50 on April 3.
Jan Feb Mar Apr May Jun
US duty-free component imports in 1973.
15 16 17 18 19 22 23
Jul
Mexican Border Industries Continue Strong Gains
Net exports to the United States by firms participating in Mexico's border
industry program soared 6810 to $286 million in 1973 and seem likely to reach
$450 million this year. These firms import US-made components for assembly and
re-export to the United States under tariff provisions that allow duty-free re-entry.
Mexico is the largest re-exporter of US components, accounting for 36% of total
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Santiago probably will be forced to import one million tons of wheat in
1975 - 40% more than had been predicted earlier. Violent storms in June delayed
planting of about two-thirds of the winter wheat crop, and some of the grain
already in the ground was destroyed. Part of the losses will be offset by expanded
plantings of spring wheat and other grains such as corn.
The Soviet Economy in 1973: Performance, Plans, and Implications
(A (ER) 74-62, July 1974,
This publication assesses Soviet economic performance in 1973, examines plans
and prospects for 1974, and discusses the impLIcations of performance and plans
for Soviet relations with the West.
Soviet Copper: An Overview
(ER RP 74-15, July 1974,
Since 1960 the USSR has steadily expanded its copper production and now
ranks second only to the United States in world output. In 1964 the USSR became
a net copper exporter and by 1973 increased its net exports to 232,000 tons,
of which about two-fifths went to non-Communist countries. The Soviets hope
to use foreign assistance to develop Siberian copper deposits, thus dramatically
i :creasing production and exports.
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INTERNAL ECONOMIC INDICATORS
GNP'
1 Year 3 Months 1 Month
Representative Rates Latest Date Earlier Earlier Earlier
United States
Prime finance paper
Jul 19
9.00
8.13
8.50
9.00
Japan
Call money
Jul 5
12.63
7.25
12.00
12.50
West Germany
Interbank loans (3 Months)
Jul 19
9.13
14.18
9.40
9.17
France
United Kingdom
Canada
Call money
Local authority deposits
Finance paper
Jul 12
Jul 19
Jul 19
13.09
13.34
11.55
8.63
8.63
7.53
12.00
12.93
10.85
13.00
12.55
11.00
'Seseonsiltr adjusted.
"Average for latest 3 months compared
with avenge for previous 3 months.
Euro?Dollars
Three-month deposits
Jul 19
14.01
9.98
10.64
11.90
Constant Market Prices
Percent Change
Percent Change
Lotost train Previous I
Year pr
evious
latest from Previous I Year 3 Months
Quarter Quarter 1970 E
arliar Q
uarter
Meath Month 1970 Earlier Earlier
United States
7411
-0,3
3.0
-1.1
-1.2
Unite
d States
Jun 74
2.1
8.8 21.9
35.4
Japan
741
-5.0
5.8
-3.8
-
18,8
Japa
n
Jun 74
1.3
11.2 35.3
11.2
West Germany
74 I
1.5
3,3
-0.7
6.1
West
Germany
May 14
1.2
7.1
14,4
18,b
France
73 IV
1,8
6,9
5.7
7,3
Fran
ce
May 74
-0.5
13.2
37,0
37.7
United Kingdom
74 I
-3.5
1.9
-4.4
-
13.3
Unite
d Kingdo
m
May 74
2.1
10.9
24.6
35.8
Italy
73 IV
1.9
3,7
5.3
7.7
Italy
May 74 0.7
14.5
43.0
35.6
Canada
141
1.7
5.4
3.0
7.0
Cana
da
Apr 74 2.6
11,1
23.0
34.6
Average Annual
CON
SUME
R PRICES
Average Animal
Growth Hale Since
Growth Rate Since
Percent Change
Parcnnt Change
Latest from Previous 1
Year 3
Months
latest (rots Previous I Year 3 Manths
Manth Month 1910 E
arlier Ea
rlier"
Manth Menlh 1970 Earlier Earlier
United States
Jun 74
0
4.8
-0,1
2.4
Unite
d States
Jun 74
1 1.0
1 0.1
11.1
11.7
Japan
May 74
2.0
7,4
2.8
-7.7
Japa
n
May 74
11.3
23.1
15.7
West Germany
May74
0.6
3,5
0
0
West
German
y
Jun 74
6.3
6.9
6,5
France
May 74
2.4
6.1
2.4
-1.1
Fran
ce
May 74
7.9
13.5
17.1
United Kingdom
May74
-1.1
2.2
0.2
22.4
Unite
d Kingdo
m
May 74
10.5
10.0
25.3
Italy
Apr 74
2.2
5.7
13.7
6.6
Italy
Jun 74
9.5
13.6
16.9
Canada
May 74
-0.5
6.2
2.8
2.5
Cana
da
Jun 74
6.5
11.4
15.5
RETAIL SAI.%S'
MO
NEY SU
PPLY'
Current Prices Average Annual
Average Annual
Growth Rate Since
Growth Rate Since
Percent I;hangs
Percent Change
Latest Irorn Previous 1
Year 3
Months
Latest train Previous I Year 3 Months
Month Month 1910
Earlior Ea
rlier''
Month Month 1970 Earlier Earlier
United States
Jun 74
-0.7
9.2
7,6
10.7
Unite
d States
Jun 74
1 0.1
6.8
5.8
10.7
Japan
May74
-4.8
11.1
6.6
-1.8
Japa
n
Apr 74
-0,0
17.4
10,5
16.7
West Germany
Mar74
-4.8
7.1
1,9
9
4
West
German
y
Apr 74
0.3
9.1
0.4
9.5
France
Mar 74
0.8
7.1
9.8
.
13.8
Fran
ce
Feb 74
-0.3
11.9
9.0
14.9
United Kingdom
Mar 74
1.3
12.0
9.4
6.5
Unite
d Kingdo
m
May 74
-0.2
9.1
2.5
4.7
italy
Dec 73
3.0
17.2
25.5
47.0
Italy
Dec 73
2,8
21.2
17.9
22.1
Canada
Apr 74
0.3
11.3
10.1
I S.3
Cana
da
May 74
1.3
13.9
13.3 i 20,3
24 July 1914
Office of Economic Research/CIA Note: US data provided by US government agencies
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I!XI'ilRrS"
Lair.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
IMPUors"
f.o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
EXTERNAL ECONOMIC INDICATORS
EXPORT PRICES
Jun 74
May 74
May 74
Jul) 74
May74
May 74
4,030
8,499
3,845
3,280
2,183
2,802
38,251
24,010
38,488
18,103
17,111
11,015
12,812
1073
20,384
10,090
24,734
13,800
13,013
7,508
10,077
Latest Merrill
Million Us $
Million US $ 1974 1913
May 74 8,407 38,249 27,293
Jun 74 4,658 28,204 14,190
May 74 0,020 25,873 19,298
May 74 4,482 19,859 13,281
Jun 74 4,422 23,234 15,498
May74 2,868 14,454 8,517
May 74 2,835 12,190 9,220
TRADE BALANCE."
f.o.b./f.o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Pull; all I
Chant u
45.0
47.5
47.4
31.6
25.7
46.7
28.9
Percent
Change
40.1
84.7
33.0
49.5
49.9
69.7
'32.0
Million US $ 1974
May 74 -777 2
Jun 74 -21 -1,588
May 74 2,473 10,793
May 74 -637 -1,698
Jun 74 -1,141 -8,123
May74 -686 -3,439
May 74 167 610
1973
-909
2,501
5,435
519
-1,885
-1,010
856
Change
911
-4,089
5,357
-2,215
-4,238
-2,429
-242
BASIC BALANCE"'
Current and Long-Term-Capital Transactions
Latest Period, Cumulative (Million US $)
United States'
Japan
West Germany
France
United Kingdom
Italy
Canada
Million US $ 1973
74I 2,065 2,065
Jun 74 -4 -7.215
Apr 74 880 3,253
73 IV -352 -2,391
73 IV -1,394 -3,164
1311 -336 639
1741 -195 -195
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Latest Month
End of Billion US S Jun 1970
May 74
Jun 74
May 74
May 74
Jun 74
May74
Jun 74
14.9
13.4
34.4
8.2
6.7
5.5
6.1
14.5
4.1
8.8
4.4
2.8
4.7
4.3
1972
-1,006
-4,373
917
-369
-1,954
971
-191
Change
3,071
2,841
2,336
-2,022
-1,210
-332
-4
I Year
Ear her
12.9
15.2
31.4
11.6
7.0
6.2
6.0
3 Months
Earlier
14.6
12.4
32.0
8.1
8.4
5.4
6.1
'Seasonally adjusted.
"Converted Into US dollars at current market rates of exchange.
24 Juiy 1974
United Status
Japan
West Germany
France
United Kingdom
Italy
Canada
EXPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
IMPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Percent Clumgr
latest from lhgvlnus
Month Month 1970
May 74 -0.2 11.2
May 74 2.2 17.2
Apr 74 6.1 16.1
Jon 74 -5.9 11.1
Mar 74 7.2 11.0
Jan 74 -1.2 10,0
Mar 74 7.2 14.2
Percent Change
Latest from Previous
Montle Month
May 74 -0.2
May 741 2.8
Apr 74 1.3
Jan 74
Mar 74
Jan74
Mar 74
Percent Change
Latest from I'runinus
Month Month
May 74
May 74
Apr 74
Jan 74
Mar 74
Jan 74
Mar 74
1.3
2.5
-0.6
14.9
6.4
10.8
11.9
EXCHANGE RATES spot Rate
As of 19 Jul 74
Japan(Yen)
(Mark) he
West Germany Mark)
France)rranei lpound
United Kingdom Sterling)
Italy llna)
Canada (Dollar)
US S
Per Unit
0.0034
0.3925
0.2095
2.3928
0.0016
1.0206
Dec 00
24.81
56.13
3.76
-14.25
-2.81
10.65
TRADE-WEIGHTED EXCHANGE
As of 19 Jul 74
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Dec 66
-16.06
13.89
31.50
-19.38
-34.12
-25.04
7.57
1970
11.2
9,7
4.4
8.0
11.8
10.9
11.9
Average Annual
Growth (Into Since
I Year
Earlier
20.1
35.9
27,8
18.9
19.4
19.1
41.3
3 Months
Earlier
13.2
30.2
102.3
-35.2
49.0
-0.8
80.1
Average Annual
Growth Hato Since
I Year
Earlier
26.1
42.8
13.6
17.8
26.4
31.3
37.8
3 Months
Earlier
13.2
14.0
31.9
31.3
44,5
52.2
08.8
Average Annual
Growth Hare Since
1970
18.9
17.4
5.9
11.3
20.9
19.6
11.1
I Year
Earlier
48.7
82.4
23.3
33.0
60.9
65.5
33.8
3 Months
Earlier
79,4
18.4
19.4
127,4
107.4
125.4
103.0
18 Dec
1971
5.88
26.49
6.40
-8.17
- 9.53
2.29
19 Mar
1973
-9.60
10,84
-4.95
-2.77
-12.09
2.30
RATES"""
Percent Change train
18 Dec
1971
-6.73
0.23
14.48
-5.94
-19.94
-23.71
0.99
19 Mar
1973
-0.12
-11.62
9.45
-8.39
-5.57
-16.80
2.62
12 Jul
1974
-0.15
0.36
0.90
0.31
0.26
- 0.45
12 Jul
1974
0.05
-0.19
0.03
0.71
0.09
-0.13
-0.50
""Weighting is bated on each listed country's trade with 16 other industrialized
countries to reflect the competitive impact of exchange-rate variations
among the major currencies.
Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150032-1