ECONOMIC INTELLIGENCE WEEKLY REVIEW

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP79B00457A000200070001-4
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 41
• Document Creation Date: December 15, 2016
• Document Release Date: July 7, 2004
• Sequence Number: 1
• Publication Date: October 13, 1977
• Content Type: REPORT

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Assessment
~ Center
.,F National Secret
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LDC Inflation Subsides in 1977 ..............................................................................
Inflation in the Third World, which soared with the quadrupling of oil
prices in 1973/74, is generally tapering off, with trends varying widely
from country to country.
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OPEC Investment in US Slows in Second Quarter ................................................... 14
In response to interest rate differentials in US and European money
markets during second quarter 1977, OPEC member countries shied away
from investment in the United States.
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Note: As a result of a reorganization, effective 11 October 1977, intelligence publications
formerly issued by the Directorate of Intelligence and by the National Intelligence
Officers are now being issued by the National Foreign Assessment Center. Publication
covers and titles have been adjusted to reflect this change. This publication was formerly
titled Economic Intelligence Weekly.
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On balance, LDC inflation, which soared with oil price increases in 1973/74, is
tapering off. Even though gains and losses by country are about evenly divided, the
overall price increase for the LDCs-giving each country equal weight-will decline
from 25 percent in 1976 to somewhat less than 20 percent this year.* The
comparable figures using GNP weights are 42 and 28 percent; this more striking
improvement is driven by a few large LDCs that have made substantial progress
against runaway inflation.
Monetary and fiscal caution have helped contain price advances in many of the
LDCs covered in this survey. In others, rapid foreign exchange accumulation and
stimulative economic policies are adding to inflationary pressures.
On a regional basis, Latin American countries have shown the greatest progress
in slowing inflation; for the 22 countries examined, consumer price rises on average
are declining from approximately 40 percent last year to less than 30 percent this
year. The 12 Asian countries surveyed (excluding Indonesia) will show a slight
increase to 8 from 6 percent, thereby maintaining their long record of relative price
stability. Data on 17 African countries indicate that price rises in 1977 will average
19 percent, compared with 22 percent last year. In the Middle East OPEC states,
where rapid inflation has been used to justify higher oil prices, price gains will
average 20 percent against 24 percent last year.
The 1973-75 price spiral, fueled initially by the quadrupling in oil prices, was
given a further push in many countries by large budget deficits, expansionary
monetary policies, and import constraints. Argentina and Chile, with the worst price
records, have opted to bring their hyperinflation under control.
Argentina's inflation rate will be down sharply from 445 percent to
roughly 160. percent. The substantial improvement comes largely from a
1976 economic package that included the application of tight credit
controls on nonessential private sector spending, a reduction in real
government expenditures, and severe restraints on wage increases. This
year, many tariffs have been lowered to encourage imports.
*Data in this article are based on a sample of consumer prices in 65 LDCs for which information is available.
Inflation rates are calendar year averages, unless otherwise stated.
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LDC Inflation Profile for 1977
(1976 inflation rates in parenthesis)
100-199 Percent
Argentina
(445.5)
10-19 -Percent
Bahrain
(10.0)
5-9 Percent
Costa Rica
(3.5)
Bolivia
( 4.5)
Cyprus
(3.8)
50-99 Percent
Botswana
(11.4)
Ecuador
(10.7)
Chile
(212.0)
Cameroon
(11.0)
El Salvador
(10.0)
Ghana
60.0)
Dominican Republic
( 8.0)
Grenada
(4.0)
Uruguay
40.0)
Egypt
(17.5)
Hong Kong
(3.3)
Zaire
85.1)
Guyana
( 6.2)
India
(-7.1)
Haiti
( 9.0)
Malaysia
(2.6)
30-49 Percent
Indonesia
(15.0)
Nepal
(-3.2)
Brazil
(46.0)
Iran
(11.3)
Nicaragua
(6.0)
Nigeria
(32.0)
Iraq
(10.0)
Paraguay
(5.5)
Peru
(33.6)
Ivory Coast
(12.0)
Philippines
(5.5)
Qatar
(35.0)
Lesotho
(11.4)
Southern Rhodesia
(6.9)
20-29 Percent
Liberia
( 7:5)
Taiwan
(2.5)
Malagasy Republic
( 4
5)
Thailand
(4.2)
Burundi
(11.0)
.
Malawi
7
0)
Venezuela
(7.6)
Colombia
(17.4)
.
Pakistan
(11.3)
Gabon
(15.0)
Less Than 5 Percent
South Korea
(14
0)
Jamaica
(11.0)
Surinam
.
(12.0)
Bangladesh
(-3.3)
Jordan
(15.3)
Swaziland
(14
5)
Burma
(22.4)
Kenya
(12.0)
Trinidad and Tobago
.
(10
5)
Panama
( 3.0)
Kuwait
(25.0)
.
Singapore
(-2.0)
Lebanon
(40.0)
Mauritius
(22.0)
Mexico
(15.8)
Oman
(20.0)
Saudi Arabia
(30.0)
Sri Lanka
(17.0)
Syria
(30.0)
UAE
(30.0)
Chile will drop from the ranks of LDCs reporting triple-digit inflation
(212 percent in 1976), even though last year's restrictive economic
policies appear to be giving way to gradual relaxation. Thanks to sizable
agricultural production gains and rising imports, demand pressures are
easing. Consequently, price rises will average only 90 percent this year.
Brazil and Mexico have also moved more vigorously to bring strong inflationary
pressures under control. Since early 1976, Brazil has pursued restrictive monetary
policies, cut public sector investment targets, and maintained firm wage guidelines.
Brazil's system of indexation and continuing import constraints, however, will keep
the inflation rate from dropping below 40 percent. In the case of Mexico,
aftereffects of last year's peso devaluation will include a 28 percent inflation
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rate in 1977, double the 1976 pace. Price increases have, however, slowed to a 10 to
12 percent annual rate in recent months as a result of reductions in government
budget deficits and successful enforcement of a 10-percent wage guideline.
The shift to contractionary policies has had mixed effects in other countries.
Zaire, for example, will make moderate gains in bringing down last year's 85-percent
inflation rate. In return for official debt rescheduling, it has promised to curb
government spending and credit expansion. Egypt will have difficulties checking its
inflation, even though a loan agreement with the International Monetary Fund
(IMF) calls for a reduction in the government budget deficit; price subsidies on some
consumer goods continue to mandate larger government expenditures. South Korea
is attempting to relieve demand pressures on prices by easing import restrictions and
limiting the growth in government spending.
In Peru, where officials gave up on restrictive policies after the rate had slowed
to the annual equivalent of 12 percent in November-December 1976, inflation has
regained momentum. The maintenance of large subsidies on consumer goods is
making it difficult for the government to cut the deficit spending that underpins
much of the inflation. Moreover, exchange rate adjustments have given an added
boost to Peruvian price increases, which should run about 45 percent this year.
Buildup of Inflationary Pressures in Other LDC's
About half the countries examined will experience somewhat greater inflation
in 1977 than in 1976. (A large number of these, however, will still run inflation rates
of less than 20 percent, a solid performance by current developed countries'
standards.) In many cases, the accelerations stem from the impact of the foreign
sector on the rate of growth of domestic money supplies. This pressure comes from
a combination of sustained high borrowing during 1976 to refurbish exchange
reserves and the continuing growth of export earnings since late in 1975. This
pattern of foreign sector pressure has been especially large in countries that have
benefited from high commodity prices, including the Ivory Coast, Colombia,
Malaysia, and the Central American LDCs.
With foreign exchange constraints reduced, some countries are also pursuing
expansionary fiscal and credit policies, which are creating demand pressures. To spur
domestic investment, Malaysia recently lowered the prime lending rate from 8.5 to
7.5 percent and is expanding government spending on its development program. In
Thailand, which ran a record budget deficit last year, government spending
continues brisk. The Philippine Government is also pushing expansionary fiscal
policies, which will spur additional inflation. In all three cases, however, price
increases this year will likely be held to the 5 to 7 percent range.
13 October 1977 SECRET
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Money Supply in Selected LDCs
1972 = 100
1973 1974 1975 1976 19771
Argentina ......... ......... 202 335 973 3,781 8,081
Brazil ......... ......... 148 200 289 387 442
Chile ................................ 414 1,544 6,049 10,7472 NA
Colombia ..........; ....... 131 154 185 249 303
Egypt ......... ......... 122 152 187 226 299
India .. ......... ........ 117 129 141 166 203
Iran .... ........................ 130 178 214 312 391
Ivory Coast ......... 114 158 174 252 367
Kuwait ......... ......... 121 138 204 277 355
Malaysia ........................ 138 149 160 194 214
Mexico ........................ 122 148 179 231 NA
Pakistan ......... .......... 111 113 128 174 184
Philippines ....... ......... 112 139 159 187 205
Qatar ........ ......... 119 162 290 455 764
Saudi Arabia ... ......... 140 198 375 639E NA
South Korea ....: ......... 141 182 228 297 381
Thailand ........................ 121 132 141 164 182
Zaire .. ......... ......... 123 167 197 284 410
' Projected.
' Estimated.
Inflation is rising in a number of other important LDCs, including India,
Pakistan, and Taiwan. In the case of India, consumer prices should rise 8 percent this
year after falling 7 percent last year. Factors contributing to this year's rise are an
improved trade balance, the substantial foreign exchange remittances earned from
Indian workers in the Middle East, and government financing of grain stocks.
Pakistan's inflation rate will average 15 percent in 1977; government deficits and
riot-induced shortages are major causes. In Taiwan inflation will rise from last year's
inordinately low pace of 2.5 percent. Rising consumer incomes in wake of the 1976
export boom are straining capacity; moreover, food prices have increased, since
crops have not measured up to last year's record performance.
Easing of Inflation in Middle East OPEC States
The rate of consumer price increases will be edging down in the Middle East
OPEC states. In Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates,
inflation will fall off by approximately five percentage points this year. Because of
improvements in port facilities, surcharges and demurrage fees have been lowered. In
addition, damage to cargo left in open storage has been curbed. The decline in these
expenses, however, has been offset somewhat by the use of higher cost cargo vessels.
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On balance, the cost of import-related services is down, alleviating domestic price
pressures.
As for Iran, inflation probably will advance to 16 percent this year from 11
percent, in 1976. Electric power shortages this summer have cut industrial
production, and consumer demand continues to rise. In addition, the volume of
imports, which act to reduce inflationary pressures, has remained essentially
unchanged since late 1975.
We expect some further reduction in LDC inflation next year. Major countries,
such as Brazil, Chile, and Mexico, will probably make continued progress toward
price stability. At the same time, monetary expansion from the foreign sector will
slow in some LDCs because of smaller export gains and increased pressures for
imports. A continuation of port improvements in the Middle East OPEC states will
further restrain domestic price increases, in spite of continuing labor shortages.
Although these factors point to an easing of inflation in the LDCs in 1978,
pressures always exist for new growth policies. Consequently, further improvement
in the LDC inflation performance will depend on maintenance of disciplined
demand management policies. Such discipline appears likely. LDC governments now
appear to give more weight to cautious monetary and fiscal patterns in this recovery.
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OPEC INVESTMENT IN US
SLOWS IN SECOND QUARTER*
OPEC member countries shied away from investment in the United States in
second quarter 1977, mainly because of interest rate differentials in US and
European money markets. Consequently, second quarter OPEC official investment
in the United States was less than half the first quarter total. In April-June, $1.2
billion flowed into the United States, raising OPEC official asset holdings here to
$32.4 billion.**
*Without contesting the accuracy of data presented in this article, the Treasury Department does not concur
with the description of first quarter 1977 investment or the reasons given for the reduced level of OPEC
investment in the United States during second quarter 1977.
**OPEC foreign official assets are assumed to remain in the country where they are initially placed until
removed by the original investor. Some OPEC funds managed by US financial institutions, for example, are
invested in non-US securities; no attempt is made to determine whether the non-US security was purchased from
another US holder or from a non-US resident.
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1976
1976
1977
1977
Total
III
1,550
IV
430
I
2,860
II
1,245
Algeria ......................
-50
100
75
-30
Ecuador ....................
25
60
35
-30
Gabon ........................
0
0
0
0
Indonesia ..................
210
-600
145
-165
Iran ............................
170
-5
840
-320
Iraq ..........................
-150
0
- 90
470
Kuwait ......................
1,195
510
695
310
Libya ........................
55
5
70
80
Nigeria ......................
-430
-1,060
-270
35
Qatar ........................
15
-10
0
0
Saudi Arabia ............
190
1,425
1,220
830
UAE ..........................
40
275
150
635
Venezuela ................
280
-270
-10
-570
' All quarterly flows rounded to nearest $5 million. Gold holdings valued at end of quarter price.
Asset Maturity Lengthens
-The unusually large proportion of OPEC purchases of short-term US assets in
the first quarter was reversed in the second quarter. While OPEC members were
selling $1.3 billion of their short-term US holdings in April-June, they were
acquiring S2.5 billion of long-term assets. Saudi, Kuwaiti, and United Arab Emirates
(UAE) investors bought most of the long-term securities.
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Havana Presses for Lifting of US Embargo
In the first visit by a Cuban cabinet official to Washington in 17 years, Marcelo
Fernandez Font, the Cuban Minister of Foreign Trade, exaggerated the benefits to
the United States of normalizing commercial relations. Addressing a group of 85 US
businessmen, and later in discussions with Washington officials, Fernandez claimed
that annual US exports to Cuba could initially amount to $300 million to $350
million and exceed $1.0 billion in three to four years.
We agree that US exports could reach $300 million to $350 million in the first
year or two, primarily as a result of a diversion of Cuban purchases from other
Western countries. They are unlikely, however, to approach $1.0 billion in the
subsequent two years, given Cuba's limited import capacity. Even with a new
international sugar agreement, Cuba's hard-currency earnings will grow slowly, and
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the availability of new credits will be inhibited by already high debt service
obligations. Finally, Cuban officials have clearly stated that the US share of post-
normalization hard-currency trade must not reach 50 percent. Under these condi-
tions, US exports to Cuba would amount to no more than $750 million by 1981.
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Assessment
Center
Economic Indicators
Weekly Review
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This publication is prepared for the use of U.S. Government
officials. The format, coverage and contents of the publication are
designed to meet the specific requirements of those users. U.S.
Government officials may obtain additional copies of this document
directly or through liaison channels from the Central Intelligence
Agency.
Non-U.S. Government users may obtain this along with similar
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Exchange and Gift Division
Library of Congress
Washington, D.C. 20540
Non-U.S. Government users not interested in the DOCEX
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App
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1. The Economic Indicators Weekly Review provides up-to-date information on
changes in the domestic and external economic activities of the major non-Communist
developed countries. To the extent possible, the Economic Indicators Weekly
Review is updated from press ticker and Embassy reporting, so that the results are
made available to the reader-weeks or sometimes months-before receipt of official
statistical publications. US data are provided by US government agencies.
2. Source notes for the Economic Indicators Weekly Review are revised every
few months. The most recent date of publication of source notes is 20 April 1977.
Comments and queries are welcomed.
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 INDUSTRIA ~prWr l~q~F~el l60,4/07/16: CIA-RDP79B00457A000200070001-4
1-'K UU Vial INDEX: 1970=100, seasonally adjusted
Japan
West Germany
130
120
120
121'
1972 1973 1974 1975 1976 1977
A-2
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United Kingdom
JAN
APR JUL OCT
JAN APR JUL
OCT JAN APR JUL OCT JAN
APR JUL OCT
JAN APR
JUL OCT
JAN APR JUL OCT
Percent
Change
AVERAGE ANNUAL
GROWTH RATE SINCE
Percent
Change
from
AVERAGE ANNUAL
GROWTH RATE SINCE
United States
LATEST
MONTH
AUG 77
from
Previous
Month
-0.6
1 Year 3 Months
1970 Earlier Earlierl
3.5 5.3 6.7
United Kingdom
LATEST
MONTH
JUL 77
Previous
Month
2.8
1 Year 3 Months
1970 Earlier Earlierl
0.4 - Lu -8.5
Japan
JUL 77
-2.0
3.7 0.1 -2.1
Italy
JUL 77
-5.1
2.0 4.a 19.0
West Germany
AUG 77
0
2.1 2.7 0
Canada
JUN 77
0.3
4.1 4.o L4
France
JUN 77
3.2
3.6 4.1 -8.0
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UNEMPLOYMENT PERCENT OF LABOR FORCE
9
8
Japan
West Germany
France
APR JUL OCT JAN APR JUL OCT JAN
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United Kingdom
6
Italy (quarterly)
3.4
A labor force survey based on new definitions of economic activity sharply raised the official estimate of Italian unemployment In first quarter 1977, Data for earlier periods thus are not comparable.
Italian data are not seasonally adjusted.
THOUSANDS OF PERSONS UNEMPLOYED
1 Year
Earlier
3 Months
Earlier
1 Year
Earlier
3 Months
Earlier
United States
SEP 77
6,773
7,448
6,962
United Kingdom
SEP 77
1.446
1,319
1,353
Japan
JUN 77
1,190
1,120
1,050
Italy
17 iii
1,692
776
1,432
West Germany
AUG 77
1,052
1,049
1,038
Canada
JUL 77
859
751
870
France
AUG 77
1,216
962
1,097
NOTE: Data are seasonally adjusted. Unemployment rates for France are estimated. The rates shown for Japan, Italy and Canada are
roughly comparable to US rates. For 1975-77, the rates for France and the United Kingdom should be Increased by 5 percent and
15 percent respectively, and those for West Germany decreased by 20 percent to be roughly comparable with US rates.
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DOMESTIC PRICES1 INDEX: 1970=100
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United Kingdom
JAN APR JUL OCT
1972
Percent
Change
AVERAGE ANNUAL
GROWTH RATE SINCE
Percent
Change
from
AVERAGE ANNUAL
GROWTH RATE SINCE
LATEST
from
Previous
1970
i Year
3 Months
LATEST
Previous
1970
1 Year
3 Months
MONTH
Month
Earlier
Earlier
MONTH '
Month
Earlier
Earlier
United States
SEP 77
0.5
8.5
7.1
6.7
United Kingdom
AUG 77
0.9
14.8
20.0
13.4
AUG 77
0.4
6.6
6.6
6.1
AUG 77
0.5
13.9
16.5
6.8
Japan
AUG 77
0.2
7.6
0.8
-2.3
Italy
JUN 77
0.3
15.8
1513
6.8
JUL 77
-0.3
10.5
7.7
0.7
AUG 77
0.7
13.2
20.1.
9.9
West Germany
JUL 77
-0.1
5.3
2.1
0
Canada
JUN 77
-0.2
10.0
9.6
2.2
JUL 77
0.9
5.7
4.5
3.9
JUL 77
0.9
7.5
8.4
10.3
France
MAR 77
0.9
8.4
8.2
7.6
AUG 77
0.5
9.0
9.9
9.1
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 Approved or Release
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GNP'
RETAIL SALES
'
Constant Market Prices
Constant Price
s
Average
Average
Annual Growth Rate
Since
Annua
l Growth Ra
te Since
Percent Change
Percent Change
Latest
from Previous 1 Year
Previous
Latest
from Previous
1 Year
3 Months
Quarter
Quarter 1970 Earlier
Quarter
Month
Month
1970
Earlier
Earlier'
United States 77 II
1.6 3.2 4.7
6.4
United States
Aug 77
1.6
3.3
4.7
-3.7
Japan 77 II
1.9 5.6 5.6
7.6
Japan
May 77
-3.8
9.9
2.3
9.5
West Germany 77 II
-0.2 6.3 2.4
-1.0
West Germany
Jul 77
0.8
2.5
5.3
5.9
France 76 IV
0 3.9 4.9
0
France
Jun 77
7.7
-0.3
1.0
-8.1
United Kingdom 77 I
-1.9 1.6 1.3
-
-7,5
United Kingdom
Aug 77
0.2
1.1
-1.6
9.5
Italy 76 IV
1.1 3.0 5.5
4.6
Italy
Apr 77
-0.4
2.8
1.0
-3.1
Canada 76 IV
-0.6 4.8 3.4
-2.5
Canada
Jun 77
-0.7
4.1
-3.7
-8.7
' Seasonally adjusted.
'Seasonally adjusted.
2 Average for latest 3 months compared with avera
ge for previous 3 months.
FIXED INVESTMENT'
WAGES IN MANUFACTURING'
Non-residential; constant prices
Average
Annual
Growth Rate Since
Average
Percent Change
Annual Growth Rate
Since
Latest
from Previous
1 Year
3 Months
Percent Change
Period
Period
1970
Earlier
Earlier'
Latest
from Previous 1 Year
Previous
Quarter
Quarter 1970 Earner
Quarter
United States
Jul 77
0.6
7.5
7.6
8.1
United States 77 II
2.2 2.1 9.6
9.0
Japan
Jun 77
1.7
17.3
12.5
8.7
Japan 77 II
0.5 1.1 4.5
2.0
West Germany
77 11
1.7
9.5
7.5
7.2
West Germany 77 11
- 1.6 0.4 3.4
-6.4
France
77 I
2.3
14.1
13.9
9.5
France 75 IV
8.8 4.2 2.9
40.1
United Kingdom
Jun 77
0.3
15.7
3.4
3.6
United Kingdom 77 I
-0.6 0 3.4
--2.5
Italy
May 77
5.3
21.1
29.4
33.2
Italy 76 IV
5.2 3.0 15.4
22.4
Canada
Jun 77
1.3
11.5
10.7
11.7
Canada 76 IV
8.5 6.8 5.1
38.7
' Hourly earnings (seasonally adjusted) for the United States, Japan, and Canada; hourly wage
Seasonally adjusted.
rates far others. West German and F
rench data refer
to the beginning of the quarter.
' Average for latest 3
months comp
ared with that for previous
3 months.
MONEY MA
RKET RATES
Percent Rate of Interest
1 Year
3 Months
1 Month
Representative rates
Latest Date
Earlier
Earlier
Earlier
United States
Commerical paper
Sep 28 6.22
5.25
5.38
5.88
Japan
Call money
Sep 30 4.88
7.00
5.63
5.63
West Germany
Interbank loans (3 months)
Sep 28 4.09
4.56
4.27
4.05
France
Call money
Sep 30 8.13
9.00
8.63
8.37
United Kingdom
Sterling interbank loans (3
months)
Sep 28 5.78-
12.58
7.72
6.61
Canada
Finance paper
Sep 28 7.07
9.35
7.19
7.47
Eurodollars
Three-month deposits
Sep 28 6.78
5.58
5.25
6.30
Approved For Release 2
 EXPORT PRJ jroved For Release 2004/07/16 :
Average
Annual Growth Rate Since
Percent Change
Latest from Previous 1 Year 3 Months
Month Month 1970 Earlier Earlier
United States Jul 77 -0.6 9.6 4.7 -1.7
Japan Jun 77 2.0 10.8 14.9 10.1
West Germany Jun 77 -0.5 11.3 11.6 5.4
France May 77 0.9 11.3 7.4 3.7
United Kingdom Aug 77 2.9 11.0 13.9 15.7
Italy Mar 77 0.5 11.3 16.9 16.7
Canada May 77 0.3 9.7 -0.8 -0.8
IMPORT PRICES
National Currency
Average
IAEI(COR~T9l??7A000200070001-4
National Currency
Average
Annual Growth Rate Since
Percent Change _
Latest from Previous 1 Year 3 Months
Month Month 1970 Earlier Earlier
United States Jul 77 -0.6 9.6 4.7 -1.7
Japan Jun 77 0.4 6.5 4.7 - 1.0
West Germany Jun 77 -0.5 4.5 2.0 -0.9
France May 77 0.6 9.5 13.1 1.4
United Kingdom Aug 77 1.9 16.1 16.7 10.1
Italy Mar 77 - 1.1 16.8 22.9 17.1
Canada May 77 0.1 9.7 6.1 7.4
Annual Growth Rate Since
Percen
t Change
Latest from
Previous
1 Year 3
Months
1
Year 3 Months
Month M
onth
1970
Earlier
Earlier
End of Bill
ion US $ Jun 1970 E
arlier Earlier
United States
Jul
77
0.6
13.4
7.9
7.6
United States
Au
g 77
19.1
14.5
18.6
19.2
Japan
Jun
77
-
0.8
10.9
0.3
-14.8
Japan
Au
g 77
17.8
4.1
16.3
17.3
West Germany
Jun
77
-
0.1
4.4
1.7
3.0
West Germany
Jun
77
35.1
8.8
33.3
34.7
France
May 77
-
0.4
10.6
15.4
2.6
France
Jul
77
9.9
4.4
9.4
10.0
United Kingdom
Aug 77
-
1.0
19.3
13.9
1.7
United Kingdom
Se
p 77
17.2
2.8
5.2
11.6
Italy
Mar 77
-
1.9
21.2
24.6
25.8
Italy
Jul
77
10.5
4.7
6.2
6.8
Canada
May 77
0.5
8.6
11.9
18.2
Canada
Jun
77
5.1
4.3
6.0
5.1
Period Million US $ 1977 1976 Change
United States 2 77 II -4,605 -8,763 1,070 -9,833
Japan Aug 77 660 5,321 1,255 4,066
West Germany Aug 77 -726 684 177 506
France 77 11 -438 -2,101 -2,052 - 50
United Kingdom 77 I -773 -773 -502 -271
Italy 77 I -929 -929 1,413 484
Canada 77 I -1,530 -1,530 -1,911 381
' Converted to US dollars at the current market rates of exchange.
2 Seasonally adjusted.
Spot Rate
As of 30 Sep 77
US $ 1 Year 3 Months
Per Unit 19 Mar 73 Earlier _ Earlier .23 Sep 77
Japan (yen) 0.0038 -0.58 8.90 0.96 0.85
West Germany 0.4338 22.52 7.33 1.47 0.98
(Deutsche mark)
France (franc) 0.2045 -7.20 0.39 0.61 0.91
United Kingdom 1.7475 -28.99 2.43 1.61 0.28
(pound sterling)
Italy (lira) 0.0011 -35.93 -3.90 0.35 0.27
Canada (dollar) 0.9307 -6.72 -9.46 -1.42 -0.14
BASIC BALANCE'
Current and Long-Term-Capital Transactions
Cumulative (Million US E)
Latest
Period Million US $ 1977 1976 Change
United States No longer published 1
Japan Aug 77 260 3,781 1,472 2,309
West Germany Aug 77 -1,048 -3,403 883 -4,287
France 77 I -1,354 -1,354 -2,015 660
United Kingdom 76 IV -277 N.A. -4,171 N.A.
Italy 76 III 779 N.A. 1,096 N.A.
Canada 77 I -550 -550 882 -1,432
Converted to US dollars at the current market rates of exchange.
As recommended by the Advisory Committee on the Presentation of Balance of Payments
Statistics, the Department of Commerce no longer publishes a basic balance.
1 Year 3 Months
19 Mar 73 Earlier Earlier 23 Sep 77
United States 5.97 1.73 0.47 -0.35
Japan 5.33 11.33 1.17 0.70
West Germany 26.78 6.21 1.51 0.49
France -7.49 -2.10 0.43 0.37
United Kingdom -29.08 2.46 2.35 -0.18
Italy -38,68 -6.28 -0.03 -0.37
Canada -4.68 -9.94 - 1.47 -0.27
' Weighting is based 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 2004/07/16 : CIA-RDP79B00457A000200070001-4
 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
World
Seven
OECD
OPEC 2
munist
Other
World
Seven
OECD OPEC'
munist
other
UNITED STATES 3
1974 . . . . .........
98,507
45,866
15,630
6,723
3,406
26,882
100,218
49,490
9,415
15,636
1,282
24,395
1975 .............
107,592
46,926
16,191
10,765
3,699
30,011
96,140
46,715
8,170
17,083
1,156
23,016
1976 .............
114,997
51,298
17,612
12,567
3,936
29
584
120
677
56
626
9
058
25
017
1
1st Qtr ........
27,360
12,184
4,088
2,751
1,144
,
7,193
,
27,319
,
12,884
,
2,226
,
5,570
,445
327
28,531
6,312
2d Qtr ........
29,695
13,383
4,496
3,113
1,088
7,615
28,367
14,332
2,242
5,582
372
5,839
3d Qtr ........
27,437
11,944
4,073
3,106
850
7,464
32,452
14,285
2,228
6,952
389
8,598
4th Qtr ........
30,505
1'3,787
4,955
3,597
854
7,312
32,539
15,125
2,362
6,913
357
7
782
1977
,
1st Qtr ........
29,454
13,752
4,716
3,136
951
6,899
34,990
15,124
2,566
8,324
366
8,610
2d Qtr ........
JAPAN
31,673
14,282
4,707
3,389
816
8,479
37,907
17,059
2,578
8,673
411
9,186
1974 .............
55,610
18,591
6,862
5,450
4,367
20,340
62,074
18,755
6,219
19,970
3,684
13,446
1975 .............
55,812
16,468
6,091
8,423
5,283
19,547
57,853
16,917
6,083
19,404
3,382
12,067
1976 .............
67,364
22,406
8,588
9,278
5,049
22
043
64
895
17
534
7
777
21
877
2
92
1st Qtr ........
14,429
4,848
1,827
1,872
1,289
,
4,593
,
14,832
,
4,083
,
1,696
,
5,213
,
6
671
14,781
3,169
2d Qtr ........
16,431
5,402
2,092
2,271
1,348
5,318
15,903
4,347
1,948
5,400
667
3,541
3d Qtr ........
17,542
5,897
2,272
2,476
1,135
5,762
16,818
4,497
2,137
5,406
747
4,031
4th Qtr ........
1977
18,962
6,259
2,397
2,659
1,277
6,370
17,342
4,607
1,996
5,858
841
4,040
1st Qtr ........
17,911
5,848
2,449
2,459
1,409
5,746
17,452
4,717
1,845
6,246
801
3,843
Apr & May .....
13,017
4,404
1,611
1,823
875
4,304
11
988
3
195
1
380
3
925
575
2
913
WEST GERMANY
,
,
,
,
,
1974
.............
89,365
30,820
36,431
4,066
9,473
8,575
69,659
23,878
25,504
9,211
5,153
5,913
1975
.............
90,181
28,331
36,406
6,776
10,629
8,039
74,986
27,085
27,761
8,239
5,526
6,375
1976
.............
101,980
33,443
41,811
8,245
10,310
8
171
88
211
31
281
32
632
9
720
1st
Qtr ........
23,467
7,918
9,519
1,710
2,430
,
1,890
,
20,147
,
7,130
,
7,577
,
2,189
6,718
1,502
7,860
1,749
2d
Qtr ........
24,570
8,215
10,110
1,838
2,421
1,986
21,571
7,704
8,133
2,223
1,625
1,886
3d
Qtr ........
25,147
8,003
10,272
2,235
2,510
2,127
21,791
7,565
7,894
2,575
1,699
2,058
4th
Qtr ........
28,796
9,307
11,910
2,462
2,949
2,168
24,701
8,883
9,028
2,732
1
891
2
167
1977
,
,
1st
Qtr ........
27,804
9,281
11,609
2,307
2,156
2,451
24,084
8,465
8,828
2
578
1
270
2
943
Apr
FRANCE
...........
9,230
3,058
3,849
799
694
830
7,991
2,892
2,949
,
756
,
428
,
966
1974
.............
45,914
19,361
14,854
3,017
2,265
6,417
52,874
22,062
13,620
10,117
1,714
5,361
1975
.............
52,189
19,960
15,454
4,909
3,477
8,389
54,238
23,039
14,350
9,665
2,065
5,119
1976
.............
55,680
22,438
16,081
5,067
3,558
8
536
64
256
27
750
16
894
11
33
1st
Qtr ........
13,639
5,524
3,921
1,240
917
,
2,037
,
15,529
,
6,567
,
4,157
,
6
2,818
2,384
595
5,892
1,392
2d
Qtr ........
14,769
5,911
4,395
1,221
1,059
2,183
16,187
7,149
4,324
2,610
593
1,511
3d
Qtr ........
12,409
4,922
3,446
1,280
729
2,032
14,841
6,431
3,733
2,723
577
1,377
4th
Qtr ........
14,863
6,081
4,319
1,326
853
2,284
17,699
7,603
4,680
3,185
619
1
612
1977
,
1st
Qtr ........
15,323
6,250
4,540
1,392
847
2,294
17,885
7,494
4,840
3,056
600
1
895
Apr
UNITED
...........
KINGDOM
5,232
2,193
1,569
460
288
722
5,788
2,499
1,543
879
194
,
673
1974 .............
38,615
11,704
15,544
2,554
1,458
7,355
54,107
18,158
17,968
8,695
1,870
7,416
1975 .............
43,751
12,399
16,310
4,535
1,768
8,739
53,260
18,387
18,370
6,912
1,726
7,865
1976 .............
46,312
14,016
17,492
5,133
1
619
8
052
56
029
19
653
18
732
7
29
1st Qtr ........
11,637
3,415
4,362
1,238
,
433
,
2,189
,
13,641
,
4,704
,
4,597
,
2
1,824
2,143
510
8,209
2,006
2d Qtr ........
11,553
3,532
4,307
1,259
420
2,035
14,052
5,041
4,547
1,738
579
2,147
3d Qtr ........
4
h
11,058
3,430
4,100
1,262
386
1,880
13,787
4,744
4,547
1,893
528
2,075
t
Qtr ........
12,064
3,639
4,723
1,374
380
1,948
14,549
5,164
5,041
1
837
526
1
981
1977
,
,
1st Qtr ........
13,150
4,008
5,145
1,521
413
2,063
15,575
5,786
5,068
1,783
514
2,424
2d Qtr ........
14,375
4,195
5,700
1,687
530
2,263
16,623
6,009
5,718
1,702
602
2,592
Approved For Release 2004/07/16: CIA-RDP79B00457A000200070001-4
 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
Developed Countries: Direction of Trade
(Continued)
Exports to (f.o.b.)
Imports from (c.i.f.)
World
Big
Seven
Other Com-
OECD OPEC 2 munist
Other
World
Big
Seven
Other
OECD
OPEC 2
Com-
munist
Other
ITALY
1974 .............
30,252
13,894
7,135
2,238
2,701
4,284
40,682
17,949
6,394
9,384
2,513
4,442
1975 .............
34,825
15,626
7,519
3,718
3,228
4,734
37,928
17,284
6,189
7,854
2,431
4,170
1976 .............
35,364
16,698
8,276
4,027
2,592
3,771
41,789
18,585
7,755
7,831
3,000
4,618
1st Qtr ........
7,398
3,513
1,713
756
597
819
9,092
4,063
1,708
1,689
608
1,024
2d Qtr ........
8,705
4,157
2,040
951
623
934
10,716
4,786
1,918
2,092
744
1,176
3d Qtr ........
9,398
4,505
2,191
1,057
657
988
10,335
4,497
1,860
2,035
792
1,151
4th Qtr ........
9,863
4,523
2,332
1,263
715
1,030
11,646
5,239
2,269
2,015
856
1,267
1977
1st Qtr ........
9,668
4,520
2,264
1,236
655
993
11,299
4,964
2,130
2,166
720
1,319
Apr & May .....
7,480
3,435
1,719
981
540
805
8,523
3,829
1,561
1,605
523
1,005
CANADA4
1974
.............
32,390
26,827
1,970
626
851
2,116
32,408
25,965
1,508
2,613
343
1,979
1975
.............
31,778
25,885
1,753
827
1,255
2,058
34,050
27,181
1,579
3,126
311
1,853
1976
.............
37,746
31,415
2,048
930
1,270
2,083
37,922
30,383
1,661
3,171
363
2,344
1st
Qtr ........
8,539
7,197
424
167
334
417
9,159
7,331
367
843
85
533
2d
Qtr ........
10,015
8,441
496
183
345
550
10,290
8,175
421
954
95
645
3d
Qtr ........
9,216
7,486
568
271
354
537
8,834
6,965
433
716
91
629
4th
Qtr ........
9,976
8,291
560
309
237
579
9,639
7,912
440
658
92
537
1977
1st
Qtr ........
9,672
8,201
524
248
231
468
9,640
7,850
391
742
87
570
2d
Qtr ........
10,740
9,055
540
278
292
575
10,841
9,007
430
677
96
631
1 Data are unadjusted. Because of rounding, components may not add to the totals shown.
2Including Gabon.
Import data are f.a.s.
? Import data are f.o.b.
Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
 A roved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
FOREIGN TRADE BILLION US $, f.o.b., seasonally adjusted
United States Semilogarithmic Scale
14.0
12.0
Japan
West Germany
7.0
6.0
5.0
JAN APR JUL OCT JAN APR JUL OCT JAN APR JUL OCT JAN
Approved For Release 2004/07/16: CIA-RDP79BO
APR JUL OCT
1977
 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
United Kingdom
6.0
5.0
4.0
JAN
APR JUL OCT
JAN
APR JUL OCT JAN
APR
JUL OCT JAN
LATEST
MONTH
MILLION
US $ 1977
1976
CHANGE
LATEST
MONTH
MILLION
US $ 1977
1976
CHANGE
United States
AUG 77
9,563 /9,668
12,232 97,251
75,383
77,646
5.7a
25.2%
United Kingdom
AUG 77
4,824 36,064
4,579 39,260
28.801+
X3 04
20.2..
18.8%
Balance
-2,670 -17,583
-2,263
-15,320
Balance
245 -3,196
-4,236
1,041
521 51
989
42
541
22
2"
J
3.571 25,194
20,22%
24.8
Japan
AUG 77
,
6,
.
35772
.
u
1
Italy
UL 77
3,365 25.581
22.305
14.7
0465f 40645
5-T
57
Balance
206 -388
-2,078
1,691
Balance
,
9
4
7
64
855
4?
11
3,325 20.711
16,174
10.3'
West Germany
AUG 77
,8
9
6,165
7,808 62,796
,
53,654
?
.
17.0
Canada
JUN 77
3.311 20.020
18,940
5.7%
Balance
2,041 13,369
11,201
2,169
Balance
14 691
-166
857
964
5
510 41
37
453
12.0?a
France
AUG 77
,
.
5,888 44.174
,
39.000
13.3%
Balance
-378 -2,210
-1,548
-662
Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
FOREIGN TRADE PRICES IN US $1
United States INDEX: JAN 1975 =100
Japan
West Germany
1Export and import plots are based on five month weighted moving averages.
A-14
Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070 01-
 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
103
102
United Kingdom
Italy
Canada
105
105
103
100
1977
574113 9-77
Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
 Approve Far tV 2ftffa6.;GMPeF3UKfM90070001-4
MONEY SUPPLY'
INDUSTRI
AL PRODUCTION '
Avera
ge
Average
A
nnual Growth
Rate Since
Annual Growth Rate Since
Percent Change
Percent Change
Latest
from Previous
1 Year
Latest
from Previous
1 Year
3 Months
Month
Month
1970
Earlier
Period
Period
1970
Earlier
Earlier'
Brazil
May 77
1.5
36.3
41.7
Brazil
76 II
0.1
11.0
10.7
0.4
Egypt
Apr 77
1.2
18.6
23.0
India
Feb 77
3.5
5.5
6.8
18.8
India
Apr 77
0.9
12.2
19.7
South Korea
Jun 77
8.3
22.8
14.7
22.8
Iran
Jun 77
-4.5
28.8
26.5
Mexico
May 77
1.9
5.9
2.4
27.1
South Korea
Jun 77
9.5
32.6
44.0
Nigeria
76 IV
0.2
11.3
9.0
0.7
Mexico
Jun 76
-0.3
17.0
16.6
Taiwan
Jul 77
-2.0
14.2
8.9
12.7
Nigeria
Feb 77
5.9
35.9
54.8
1 Seasonally ad
justed.
Taiwan
May 77
0.6
24.1
21.0
'Average for l
atest 3 months comp
ared with average for previous 3 months
.
Thailand
May 77
1.5
13.5
13.0
' Seasonally adjusted
.
'Average for latest
3 months compared with average for previous 3 months.
CONSUMER PRICES
WHOLESALE PRICES
Average
A
nnual Growth
Rate Since
Average
Percent Cha
nge
Annual Growth
Rate Since
Latest
from Previous
I Year
Percent Change
Month
month
1970
Earlier
Latest
from Previous
1 Year
Brazil
May 77
3.5
26.9
44.4
Month
Month
1970
Earlier
India
A r 77
P
0.3
8.1
8.3
Brazil
Aug 77
0.9
27.2
37.0
Iran
Jun 77
1.6
12.5
29.9
India
May 77
2.0
9.5
10.2
South Korea
Aug 77
1.3
14.6
9.7
Iran
Jun 77
0.1
10.9
21.6
Mexico
Jul 77
1.1
14.7
32.9
South Korea
Aug 77
0.7
16.3
9.2
Nigera
Mar 77
3.4
14.9
13.6
Mexico
Jul 77
0.7
16.4
48.2
Taiwan
Jul 77
0.4
10.6
7.2
Taiwan
Jul 77
0
9.1
4.1
Thailand
Jul 77
0.4
8.6
9.4
Thailand
Jul 77
1.0
10.1
7.1
EXPORT PRICES
OFFICIAL RESERVES
us $
Million US S
Average
Latest
Month
Annual Growth Rate Since
1 Year
3 Months
Percent Change
End of
Million US $ Jun 1970
Earlier
Earlier
Latest
from Previous
1 Year
3 Months
Period
Period
1970
Earlier
Earlier
Brazil
Feb 77
5,873 1,013
3,667
5,139
Brazil
Mar 77
4.5
16.5
35
4
-34
4
Egypt
Apr 77
405 155
375
389
India
Nov 76
-2.1
9.4
.
10
5
.
-4
0
India
Jun 77
4,559 1,006
2,449
3,747
Iron
Jun 77
0
36.0
.
18
9
.
0
Iran
Jul 77
11,592 208
8,426
10,548
South Korea
77 I
1
7
8
8
.
South Korea
Jun 77
3,502 602
2,044
3,212
Nigeria
May 76
.
-0
1
.
33
2
11.9
8
2
6.9
Mexico
Mar 76
1,501 695
1,479
1,533
Taiwan
May 77
.
0
4
.
12
3
.
9
4
6.6
1
Nigeria
Jun 77
4,663 148
5,885
4,931
Thailand
Dec 76
.
2.0
.
13.3
.
13
1
4.7
77
7
Taiwan
Jun 77
1,411 531
1,394
1,349
.
.
Thailand
Jul 77
2,017 978
1,929
2,006
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 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
FOREIGN TRADE, f.o.b.
Latest 3 Months
Percent Change from
Jun 77 Exports
190.5
37.3
16,341
13,065
25.1%
Jun 77 Imports
47.0
-0.4
18,390
18,107
1.6%
Jun 77 Balance
-2,049
-5,043
2,994
76 IV Exports
-97.9
-47.8
NA
NA
NA
76 IV Imports
76 IV Balance
-93.5
-54.7
NA
NA
NA
NA
NA
NA
Apr 77 Exports
109.3
13.0
6,926
5,970
16.0%
Apr 77 Imports
-56.3
5.6
5,953
6,912
- 13.9%
Apr 77 Balance
973
-942
1,915
Iran
Jun 77 Exports
-4.4
4.2
35,545
30,875
15.1%
May 77 Imports
143.6
6.8
17,180
14,285
20.3%
May 77 Balance
16,493
14,598
1,895
South Korea
Jun 77 Exports
107.4
23.8
12,233
8,360
46.3%
Jun 77 Imports
158.0
31.7
12,632
10,208
23.7%
Jun 77 Balance
-399
1,848
1,449
Mexico
Jun 77 Exports
17.1
25.3
5,460
4,519
20.8%
Jun 77 Imports
73.5
-21.5
8,138
9,298
- 12.5%
Jun 77 Balance
-2,678
-4,779
2,101
Nigeria
May 77 Exports
-62.3
-8.5
14,466
12,174
18.8%
Dec 76 Imports
Dec 76 Balance
83.0
6.6
NA
NA
NA
NA
NA
NA
Taiwan
Jul 77 Exports
207.0
22.1
13,244
9,767
35.6%
Jul 77 Imports
92.6
16.8
11,471
9,430
21.6%
Jul 77 Balance
1,773
337
1,436
Thailand
Apr 77 Exports
34.3
22.9
4,206
3,172
32.6%
Mar 77 Imports
30.1
22.7
4,205
3,748
12.2%
Mar 77 Balance
-301
-812
511
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 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
AGRICULTURAL PRICES MONTHLY AVERAGE CASH PRICE
7.5 $ PER BUSHEL
1-5 OCTII 1-5 11
1973 1974 1975 1976 1977 0 0 1973 1974 1975 1976 1977
$ PER METRIC TON 75 C PER POUND
^ 1-5 OCTII
1.0 $ PER POUND
Memphis Middling 1 1/16"
COFFEE/TEA
$ PER METRIC TON 400 C PER POUND
TEA
London Auction
COFFEE
Milds Washed
19 SEP
85.2
4 OCT
199.50
12 SEP
9.3.5
28 SEP
199.50
SEP 77
99.2
SEP 77
200.29
OCT 76
77.0
OCT 76
171.58
2,000
350
1-5 OCT I I
1973 1974 1975 1976 1977 0 50
1973 1974 1975 1976 1977 " 1973 1974 1975 1976 1977
1-5 OCTII
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- -
 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
37.5 PER HUNDRED WEIGHT $ PER METRIC TON $ PER TON
$
No. 2 Medium Grain, 4% Brokens, 800 44 Percent Bulk, f.o.b. Decatur
f.o.b. mills, Houston, Tex. 400
22 AUG 15.00
30.0 15 AUG 14.75
AUG 77 14.94 600
OCT 76 14.00 320
7.5
325 c PER POUND
Bahia, New York price
NOTE: The food index is compiled by the Economist for 16 food commodities
which enter international trade. Commodities are weighted by
3-year moving averages of imports into industrialized countries.
Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
11 0 80
1977
5 OCT 130.00
28 SEP 134.00
SEP 77 143.50
OCT 76 171.48
$ PER METRIC TON 0.5 $ PER POUND
7,000
1-5 OCT 11
1977
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INDUSTRIAL MATERIALS PRICES MONTHLY AVERAGE CASH PRICE
COPPER WIRE BAR
140 Q PER POUND
5 OCT
28 SEP
SEP 77
OCT 76
a' Mt IRIC TON 45 0 PER POUND $ PER - METRIC TON
LME US 3,000 LME US 1,000
55.2 60.6
54.6 60.6
54.3 60.6
58.5 73.0
40
;2,500 35
5 OCT 27.1 31.0
28 SEP 26.9 31.0
SEP 77 26.3 31.0
OCT 76 210 25.8
ZINC
100 0 PER POUND
5 OCT
28 SEP
SEP 77
OCT 76
150 $ PER LONG TON
100
$ PER METRIC TON 650 q PER POUND
LME US
22.6 34.0
23.3 34.0
23.3 34.0
29.0 38.2
1-5 OCTI I
1976 1977
1,500
$ PER METRIC TON PLAT I NUM
?150 250 $PER TROY OUNCE
Us
5 OCT 53,3
23 SEP 58.7 125 225
SEP 77 59.6
OCT 76 64.8
5 OCT
28 SEP
SEP 77
OCT 76
1-5 OCTI I 0 100 1-5 OCTII
1973 1974 1975 1976 1977 1973 1974 1975 1976 1977
1-5 OCTI I 1,000
1974 1975 1976 1977 10 1973 1974 1975 1976
Approved For Release 2004/07/16: CIA-RD -
MP USD
167.0 153.4
167.0 152.9
167.0 150.6
180.0 158.2
1-5 OCT11
200
1977
$ PER METRIC TON
14,000
 Approved For Release 2004/07/16 : CIA-RDP79B00457A000200070001-4
ALUMINUM
Major US Producer
t per pound
53.00
51.00
48.00
41.00
US STEEL
Composite
$ per long ton
359.36
339.27
327.00
303.85
IRON ORE
Non-Bessemer Old Range
$ per long ton
21.43
21.43
20.51
18.75
CHROME ORE
Russian, Metallurgical Grade
$ per metric ton
150.00
150.00
150.00
150.00
CHROME ORE
S. Africa, Chemical Grade
$ per long ton
58.50
58.50
42.00
44.50
FERROCHROME
US Producer, 66-70 Percent
C per pound
41.00.
43.00
44.00
53.50
NICKEL
Composite US Producer
-$ per pound
2.16
2.35
2.41
2.20
MANGANESE ORE
48 Percent Mn
$ per long ton
72.48
72.00
72.00
67.20
TUNGSTEN ORE
65 Percent W03
$ per short ton
8,727.19
10,628.47
7,640.84
5,101.29
MERCURY
NY
$ per 76 pound flask
143.00
166.15
132.45
132.00
SILVER
LME Cash
t per troy ounce
462.16
479.23
421.55
433.80
GOLD
London Afternoon Fixing Price $ per troy ounce
153.32
149.17
116.12
142.76
1-27 SEP II
1975 1976 1977
LUMBER INDEX6
1-Approximates world market price frequently used by major
world producers and traders, although only small quantities of
these metals are actually traded on the LME.
2Producers' price, covers most primary metals sold in the US.
3As of 1 Dec 75, US tin price quoted is "Tin NY lb composite."
4Quoted on New York market.
5S-type styrene, US export price.
6This index is compiled by using the average of 13 types of lumber whose
prices are regarded as "bell wethers" of US lumber construction costs.
7Composite price for Chicago, Philadelphia, and Pittsburgh.
NOTE: The industrial materials index is compiled by the Economist for 19 raw
materials which enter international trade. Commodities are weighted by
3-year moving averages of imports into industrialized countries.
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