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January 1973

OBR 73761

Overseas
Business Reports

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U.S. DEPARTMENT OF COMMERCE
US DOMESTIC AND INTERNATIONAL BUSINESS ADMINISTRATION

International Economic Indicators

HF105

A42 )

1973::-41

A Quarterly Report

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Highlights
• 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.

DOCUMENTS DEFAR IMENT

SEP 13 1973

LIBRARY
!!!!!VOCITY FF Priui

OVERSEAS BUSINESS REPORTS; $28.50 a year ($7.25 additional for foreign mailing); 30 cents a copy. Or-
der from any of the Department of Commerce field offices or from the Superintendent of Documents, U.S.
Government Printing Office, Washington, D.C. 20402. Single copies also available from the National Tech-

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