Country terms of trade

How individual countries and groups of countries fared in 1973, in the face of commodity price fluctuations, depended on the composition of their trade. The terms of trade of developed market economies fell back by one point, though North America, whose commodity exports and imports roughly balance, experienced no significant change, and Oceania – with high wool, food and minerals prices – made great gains. Within the rest of the developed world, Britain, Italy and Japan suffered severely on the terms of trade cycle: these countries could also have expected to suffer a further sharp deterioration in 1974 on account of higher oil prices.


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