Writing in the Financial Tines survey ~- Zurope in Belance -— which was published last month, Gunnar Lange, Swedish Minister of Commerce, wrote’ eeesecoln 1962 tho deficit on diroct trade was 992m. crowns (Hd. note: there ore approx. 144 crowns to the pound sterling) which was pretty handsomely covered by a surplus in net shipping revenues of 1,445m. crowns. Other invisibles, however, reduced this surplus, so that the bolance of payments finished in the red (a deficit of 47me crowns against a surplus of 67m. for 1961). For January—iugust, 1963, we estimate our trade deficit at 863m. crowns, which exceeds the deficit at the end of August, 1962, by 384m. crowns.
Our gold and forsign exchange reserves have gone down.for the first time in 3 yearse At the end of 1962 they amounted to 4,361 me crownSee» ly June, 1963,. they had dropped 335m. crowns. Development then took a steadier courseeese ut the August reserves were still 360m, crowns lower than those of August, 1962.