French balance of payments worsens

The scan: The Week v1 no4.pdf (PDF, Marxists Internet Archive, opens at this page)

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from a Nottingham reader

In 1963, for the first time since 1958, whon the currency roform was carried out, France's balance of visible trade was in the red (this is the value of exports as compared with the value of imports). Imports amounted to 35.5 billion francs and exports totalled 32.3 billion francs - tho difference boing 3.2 billion frances compared with almost equal imports and exports in 1962, However, these figures are misleading because of the way they are calculated. Imports are calculated C.1I.F. (cost, freight ond insurance) whilst exports are considered F.0.5, (free on board), therefore for a given cost value imports are always given a higher figure than exports, When this is taken into account the visible trade gap amounted to 3%, compared with a surplus of 5% in 1962, Allow ing for net invisible earnings the current surplus must be down to a fraction of 1962 $765 million. a

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