Commodity trends and arrangements

In 1973 the general increases in primary commodity prices were steeper and more widespread than in any period since the Korean war. Beginning late in 1972, prices in international trade began to move upwards at a rapid pace: this upsurge continued throughout 1973 and, in the case of many individual commodities of export interest to Commonwealth countries, new peaks were reached in 1974 (see Table III). As shown below, the dollar-based index of the National Institute of Economic and Social Research (London) recorded 1973 on 1972 rises of the order of 50 per cent for export prices of primary commodities.


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