Trade balances and reserves

In 1972, the apparent f.o.b.–c.i.f. trade balance of developing countries as a group showed a $3 billion surplus, the first since the Korean war. Developments in 1973 increased this surplus to about $11 billion, the increase being entirely due to petroleum exporting countries, whose combined surplus expanded from $12.5 billion in 1972 to more than $21 billion. The combined deficit of developing countries not exporting petroleum, which had been reduced by about $2 billion in 1972, increased again by more than $1 billion in 1973 to nearly $10 billion.


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