U.S. DEPARTMENT OF COMMERCE
US DOMESTIC AND INTERNATIONAL BUSINESS ADMINISTRATION
International Economic Indicators
• As the previously uninterrupted growth of the foreign trade of key
Western European countries came to a halt in the third quarter, trade
of the United States and Japan reached new record levels. The tradi-
tional surpluses of West Germany and Japan continued to be substantial,
while that of Canada virtually disappeared. The U.S. deficit backed
away from its second quarter peak.
• U.S. terms of trade continued to be adverse as the substantial rise in
import prices outpaced the marginal advance in export prices.
Reserves, expressed in U.S. dollars, moved to new record levels for
many countries. U.S. reserves continued virtually unchanged, while
those of the United Kingdom dropped by one-third from early 1972.
• In the third quarter, industrial production advanced strongly in Japan
and modestly in France and the United States. German output, on the
other hand, dropped below the high reached early in the year.
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