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Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1990
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    Statistical Appendix
    Appendix Table 1.Non-Fuel Primary Commodities: Indices of Prices in SDRs and Major Currencies, 1970–First Quarter 1990(Indices: 1980=100)
    Nominal Prices
    YearsSDRsU.S.

    dollars
    Pounds

    sterling
    Deutsche

    mark
    French

    francs
    Japanese

    yen
    Real

    Prices 1
    1970483736754959106
    197147363569475699
    197247393668465298
    1973696360926675136
    19748376761098798136
    1975696467866584101
    1976786990967991109
    19778677102988991111
    197881789486837298
    19799595103959592104
    1980100100100100100100100
    198199901041121158794
    198295811071071258886
    1983104861311201559094
    1984111871521371809199
    198597761381231628085
    19868173116881205469
    19878079112781135067
    19889598128951385578
    198999981381011475978
    1987I7472108731044862
    II7676107751084865
    III8280115811165268
    IV8790119841225473
    1988I8892120851245274
    II95100126941365579
    III98981341011465880
    IV98102132991465680
    1989I1031041381061555982
    II1021001431061556181
    III98941371001455976
    IV9492135921355873
    1990I8990126841225969
    Source: Commodities Division, IMF Research Department. Data relate to a “world” index, that is, to a single basket of 34 non-fuel primary commodities and do not reflect differences in the composition of the basket of primary commodities exported or imported by different countries. See Appendix I of International Monetary Fund, Primary Commodities: Market Developments and Outlook, World Economic and Financial Surveys (Washington, May 1986) for a description of this index.

    Non-fuel commodity prices deflated by the index of unit values of manufactured goods exports.

    Appendix Table 2.Non-Fuel Primary Commodities: Indices of Prices in SDRs and U.S. Dollars for Commodity Exports of Industrial Countries and of Developing Countries, 1970–First Quarter 1990(Indices: 1980=100)
    YearsNominal Prices 1Real Prices 1,2
    SDRsU.S. dollars
    Industrial countriesDeveloping countriesIndustrial countriesDeveloping countriesIndustrial countriesDeveloping countries
    19704944373310796
    19714941383210387
    19724943413610491
    197376607055150119
    197487778071144128
    19757363685910793
    197679787069109108
    197778957085101123
    19787984768095101
    197995959495104105
    1980100100100100100100
    19811029593879790
    1982989283788883
    198310710188839691
    198411211088879998
    1985989776768685
    1986808372756871
    1987827881776965
    198810188104918373
    198910691104908472
    1987I757372716362
    II797478736762
    III847983777166
    IV898592877571
    1988I918496897771
    II10088106938474
    III10690105898673
    IV10591108948574
    1989I10995110968876
    II10895106938675
    III10589102868270
    IV10184100838066
    1990I968197827664
    Source: Commodities Division, IMF Research Department.

    See Appendix I of IMF Primary Commodities: Market Developments and Outlook, World Economic and Financial Surveys (Washington, May 1986) for commodity weights in these indices.

    Non-fuel commodity prices deflated by the index of unit values of manufactured goods exports.

    Appendix Table 3.Petroleum: Indices of Prices in SDRs and Major Currencies, 1970–First Quarter 1990 1(Indices: 1980=100)
    Nominal Prices
    YearsSDRsU.S.

    dollars
    Pounds

    sterling
    Deutsche

    mark
    French

    francs
    Japanese

    yen
    Real

    Prices 2
    1970866128917
    19719771491120
    19729871491120
    197310981391119
    197434323145364156
    197532303140303947
    197638334346384452
    197740364846424352
    197838374440393446
    197983829083838191
    1980100100100100100100100
    19811069611111912393100
    1982104881181181389794
    198397801231121448487
    1984101801391241648390
    198597761381231628085
    198643396247642937
    198750507150713242
    198839405238562332
    198949486950733039
    1987I51497450713343
    II51517250723243
    III53527553763444
    IV47486445662939
    1988I41435539572434
    II41435541592434
    III38385339572331
    IV34354634501927
    1989I46466147692637
    II51507153773040
    III48476850722938
    IV52517551743240
    1990I52537449713441
    Source: Commodities Division, IMF Research Department.

    Index of average of spot prices for U.K. Brent, Dubai, and Alaska North Slope crude, equally weighted. See Appendix Table 4.

    Non-fuel commodity prices deflated by the index of unit values of manufactured goods exports.

    Appendix Table 4.Petroleum: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990
    YearsAverage of Petroleum Prices 1U.K. BrentDubaiAlaska North SlopeYearsAverage of Petroleum Prices 1U.K. BrentDubaiAlaska North Slope
    (In SDRs a barrel)(In U.S. dollars a barrel)
    197922.624.923.119.9197929.232.129.825.7
    198027.329.127.525.1198035.537.935.832.7
    198128.931.129.126.6198134.136.734.331.4
    198228.430.328.826.2198231.433.431.829.0
    198326.527.926.924.8198328.429.828.726.5
    198427.628.126.827.8198428.328.827.528.5
    198526.626.926.126.7198527.027.326.527.1
    198611.812.411.111.8198613.814.513.113.9
    198713.814.213.114.0198717.818.316.918.1
    198810.511.19.810.6198814.215.013.214.3
    198913.414.212.313.8198917.218.215.717.7
    1987I13.814.213.413.91987I17.517.916.917.6
    II13.914.313.214.3II18.018.617.118.5
    III14.514.913.614.9III18.519.017.419.1
    IV12.813.412.214.9IV17.217.916.417.2
    1988I11.111.510.711.01988I15.215.814.615.1
    II11.311.810.611.4II15.416.214.515.6
    III10.511.19.710.6III13.614.412.613.8
    IV9.210.18.39.4IV12.413.511.112.6
    1989I12.513.311.412.71989I16.417.515.016.8
    II13.914.612.614.5II17.718.516.018.4
    III13.213.912.213.5III16.617.615.417.0
    IV14.014.912.814.4IV18.019.216.518.5
    1990I14.215.112.714.71990I18.719.816.719.3
    Source: Commodities Division, IMF Research Department.

    Average of spot prices for U.K. Brent (light crude), Dubai (medium crude), and Alaska North Slope (heavy crude), equally weighted.

    Appendix Table 5.Cereals: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990
    YearsIndex

    of Cereal

    Prices 1
    Wheat 2Maize 3Rice 4YearsIndex

    of Cereal

    Prices 1
    Wheat 2Maize 3Rice 4
    (1980 = 100)(In SDRs a ton)(1980 = 100)(In U.S. dollars a ton)
    197990.712489259197990.1160116334
    1980100.0133973331980100.0173126434
    1981114.41481114091981103.8175131483
    1982101.814598266198286.5160108293
    1983113.4147127259198393.1157136277
    1984115.1149133246198490.7152136252
    1985100.4134111214198578.1136112217
    198672.09875179198664.911588210
    198761.98758177198761.511376230
    198879.810880225198882.2145107302
    198992.213287250198990.8169111320
    1987I60.489551621987I58.511269205
    II62.38861164II62.011478213
    III60.68558178III59.510873228
    IV64.18861204IV66.111881274
    1988I68.594642201988I72.012888301
    II73.79973220II77.4135100301
    III89.211894235III88.9153122305
    IV87.612287223IV90.4164117300
    1989I91.9133902131989I92.9175118279
    II95.513691252II93.1173115319
    III91.813182287III88.9165104361
    IV89.712884251IV88.5164108322
    1990I86.3123822361990I87.3162107311
    Source: Commodities Division, IMF Research Department.

    The weights in the index are as follows: wheat, 48 percent; maize, 36 percent; rice, 16 percent.

    U.S. No. 1 hard winter wheat, ordinary protein, f.o.b. Gulf of Mexico ports.

    U.S. No. 2 yellow corn, f.o.b. Gulf of Mexico ports.

    Thai white milled rice, 5 percent broken, f.o.b. Bangkok.

    Appendix Table 6.Vegetable Oils and Protein Meals: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990
    YearsIndex of Prices of

    Vegetable Oils and

    Protein Meals 1
    Soybean

    Oil 2
    Palm

    Oil 3
    Sunflower-

    seed Oil 4
    Rapeseed

    Oil 5
    Coconut

    Oil 6
    Groundnut

    Oil 7
    Soybean

    Meal 8
    Groundnut

    Meal 9
    Fish

    Meal 10
    (1980 = 100)(In SDRs a ton)
    1979103.6513506590492762688188184306
    1980100.0460448486439517661199209388
    1981105.5430484542410483884214228396
    198293.8405403478378422529197189320
    1983113.2493469524470686668222214423
    1984127.27077117476691,126990192183364
    198597.5567493597536588894155144276
    198671.6292219313264253487157141273
    198770.5258265279235341387157125296
    198892.4345325358319421441199156407
    198987.4337273376322403606193156319
    1987I66.1245263264234310398143126257
    II70.4267263304240321398155131280
    III71.1253246274223366375158106318
    IV74.4268286272247370376172137329
    1988I78.1301309304284393376163130349
    II90.8339322335305404413197149406
    III106.3414359440382465544224178454
    IV94.7328313353305422430213168413
    1989I94.2322300340313411499211169350
    II93.6359308386331446617203160307
    III82.1334255397315403641181146291
    IV79.6333231383331353664175149326
    1990I75.7326212373319303711160158315
    (1980 = 100)(In U.S. dollars a ton)
    1979102.8662654762636985889243238395
    1980100.0598583633571673859259272504
    198195.85075716394835701,043253269468
    198279.6447445529417467585218208354
    198392.8527501558500730711238229453
    1984100.47257297676871,1551,017197188373
    198575.8576501602540590905157146280
    198664.4342257366308296569185166321
    198770.2334343360305442500203162383
    198895.3463437480427565591268209544
    198986.1432350482413517775247200409
    1987I64.0309331333295391501180159324
    II70.0345341393310415515200170363
    III69.8323314350284467478202135405
    IV76.8360384365331496504231184442
    1988I82.0412423416388537515223178478
    II95.3463440458416552564270203556
    III105.9537465572496603705291231589
    IV97.7441420473409567578287225555
    1989I95.2424394446412540656278223461
    II91.2455390490419566782258203390
    III79.5420321500396508808228185366
    IV78.5427296491425454853225191419
    1990I76.5429279491420399936211208414
    Source: Commodities Division, IMF Research Department.

    The weights in the index are as follows: soybeans, 41 percent; soybean meal, 24 percent; soybean oil, 11 percent; palm oil, 10 percent; coconut oil, 6 percent; fish meal, 5 percent; groundnut oil, 2 percent; groundnut meal, 1 percent; sunflowerseed oil and rapeseed oil are not included in the index.

    Dutch, f.o.b. ex-mill Rotterdam.

    Sumatra/Malaysian oil, c.i.f. Northwest European ports.

    Any origin, ex-tank Rotterdam.

    Dutch, f.o.b. ex-mill.

    Philippine/Indonesian oil, in bulk, c.i.f. Rotterdam.

    Any origin, c.i.f. Rotterdam.

    U.S. origin, c.i.f. Rotterdam.

    Argentine meal, in bulk, c.i.f. Rotterdam.

    Any origin, c.i.f. Hamburg.

    Appendix Table 7.Sugar, Bananas, and Meat: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990
    YearsIndex of

    Sugar

    Prices 1
    SugarBananas 5Beef 6Lamb 7
    Free

    Market 2
    European

    Community 3
    United

    States 4
    (1980 = 100)(In SDR 0.01 a pound)(In SDRs a box)(In SDRs a pound)
    197948.67.514.912.04.61.010.84
    1980100.022.017.023.15.20.951.01
    198171.814.316.116.76.20.951.06
    198259.27.616.418.06.20.980.98
    198363.97.916.420.67.31.040.82
    198457.55.115.621.26.51.010.86
    198553.54.015.920.06.80.960.82
    198652.95.215.917.95.90.810.79
    198752.25.216.616.95.30.840.76
    198858.17.617.716.56.00.850.81
    198965.710.017.917.86.90.910.82
    1987I52.85.715.617.25.50.810.77
    II51.85.116.217.05.60.830.77
    III51.64.616.917.25.40.840.75
    IV52.75.517.516.24.70.850.76
    1988I54.96.517.616.15.70.850.82
    II56.36.818.016.36.80.810.84
    III62.49.117.517.25.70.870.80
    IV58.88.017.816.25.80.870.80
    1989I60.18.118.316.76.60.850.79
    II64.79.717.717.88.40.870.83
    III69.911.218.118.76.10.920.84
    IV68.311.117.718.06.40.990.83
    1990I68.211.218.017.67.60.890.87
    (1980 = 100)(U.S. cents a pound)(In U.S. dollars a box)(In U.S. dollars a pound)
    197948.39.719.315.55.91.311.09
    1980100.028.722.130.06.81.251.31
    198165.416.918.919.77.31.121.25
    198250.38.418.119.96.81.081.09
    198352.48.517.622.07.81.110.88
    198445.35.216.021.76.71.030.88
    198541.84.116.120.46.90.980.84
    198647.76.118.621.06.90.950.93
    198751.96.821.421.86.81.080.98
    198859.910.223.822.18.11.141.09
    198964.712.823.022.88.81.161.05
    1987I51.27.219.721.77.01.030.97
    II51.56.621.022.07.21.081.00
    III50.65.821.622.06.91.080.95
    IV54.47.423.421.86.31.151.02
    1988I57.78.924.022.07.81.171.13
    II59.29.324.622.39.31.111.14
    III62.211.822.722.47.41.131.03
    IV60.710.824.021.87.81.171.08
    1989I60.710.624.022.08.71.121.05
    II63.112.322.422.610.71.101.05
    III67.614.122.823.67.71.161.05
    IV67.414.322.723.08.21.281.06
    1990I68.914.723.723.210.01.171.14
    Source: Commodities Division, IMF Research Department.

    The weights in the index are as follows: free market, 50 percent; European Community, 16 percent; United States, 34 percent.

    International Sugar Agreement price, which is an average of the New York contract No. 11 spot price and the London daily price, f.o.b., Caribbean ports.

    Unpacked sugar, c.i.f. European ports.

    U.S. future import price contract No. 14. Prior to June 1985, New York contract No. 12 spot price, c.i.f. Atlantic and Gulf of Mexico ports.

    Central American and Ecuador, f.o.b. U.S. ports. A box is 40 pounds.

    Frozen boneless beef, Australian and New Zealand origin, f.o.b. U.S. ports.

    Frozen New Zealand lamb, grade PL, Smithfield market, London.

    Appendix Table 8.Beverages: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990
    YearsIndex

    of

    Prices of

    Beverages 1
    CoffeeTea 4

    (Kilogram)
    Cocoa

    Beans 5

    (Ton)
    Mild

    arabica 2

    (Pound)
    Robusta 3

    (Pound)
    (1980 = 100)(In SDRs)
    1979115.21.341.281.672,549
    1980100.01.181.131.712,000
    198187.41.090.871.711,763
    198293.81.271.011.751,574
    1983105.01.231.162.171,985
    1984127.01.411.353.372,335
    1985113.21.431.191.972,220
    1986113.31.651.271.641,765
    198773.80.870.791.321,546
    198870.81.010.711.331,177
    198961.80.830.591.57968
    1987I78.00.910.851.491,573
    II71.90.840.791.101,580
    III71.20.810.751.231,603
    IV74.10.910.781.451,428
    1988I73.70.970.751.461,330
    II70.61.010.701.271,211
    III68.51.040.661.181,104
    IV70.31.010.721.411,061
    1989I73.41.080.741.401,098
    II70.11.060.711.36985
    III54.00.640.491.571,000
    IV49.10.550.411.95791
    1990I49.90.640.401.66797
    (1980 = 100)(In U.S. dollars)
    1979114.41.741.662.163,293
    1980100.01.541.472.232,603
    198179.31.281.032.022,077
    198279.61.401.111.931,742
    198386.11.321.242.322,119
    1984100.01.441.383.462,396
    198588.31.461.211.982,255
    1986101.81.931.481.932,068
    198773.31.121.021.711,998
    198873.21.350.951.791,584
    198960.81.070.762.011,242
    1987I75.61.151.071.881,984
    II71.51.091.021.432,046
    III69.81.030.961.572,046
    IV76.41.231.051.951,916
    1988I77.41.331.021.991,819
    II74.21.370.951.741,657
    III68.31.340.861.531,432
    IV72.71.360.971.901,427
    1989I74.21.420.991.841,444
    II68.31.350.901.731,249
    III52.30.800.621.981,261
    IV48.50.700.532.501,015
    1990I50.40.850.532.191,049
    Source: Commodities Division, IMF Research Department.

    The weights in the index are as follows: coffee, 63 percent; tea, 11 percent; and cocoa beans, 26 percent.

    Central American and Mexican origin, average of prices ex-dock New York and ex-dock Bremen/Hamburg.

    African origin, average of prices of ex-dock New York and ex-dock Le Havre/Marseille.

    Any origin, average London auction prices.

    International Cocoa Organization daily prices, averages of three nearest trading months on New York Cocoa Exchange and London Cocoa Terminal Market, c.i.f. U.S. and European ports.

    Appendix Table 9.Agricultural Raw Materials: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990
    YearsIndex of

    Prices of

    Agricultural

    Raw Materials 1
    Logs 2

    (Cubic meter)
    Tobacco 3

    (Pound)
    Natural

    Rubber 4

    (Pound)
    Medium-

    Staple Cotton 5

    (Pound)
    Fine

    Wool 6

    (Kilogram)
    Jute 7

    (Ton)
    Sisal 8

    (Ton)
    Hides 9

    (Pound)
    (1980 = 100)(In SDRs)
    197992.61321.040.440.604.062985510.57
    1980100.01501.100.500.724.592415880.35
    198196.41321.360.430.715.202365470.35
    198298.61411.660.350.665.192565390.35
    1983103.91361.740.450.795.052805340.42
    1984115.91631.810.420.795.455215700.57
    198599.61341.820.340.594.885835170.50
    198687.61291.400.310.413.972334390.55
    1987105.91711.220.350.585.502483960.62
    1988111.61741.210.400.478.682753920.65
    1989114.61751.360.340.597.222915100.70
    1987I91.91411.230.320.514.252254050.52
    II96.71411.200.330.575.452373940.64
    III112.61791.220.370.666.192664000.67
    IV122.42201.210.360.566.132633860.64
    1988I110.91791.180.370.507.662714160.65
    II114.51771.140.440.499.412713810.70
    III111.11641.230.440.469.292854190.68
    IV109.91741.300.360.448.342754230.58
    1989I112.91731.320.380.497.952814460.67
    II115.41771.370.370.607.102925010.68
    III117.91821.390.330.656.882945480.73
    IV112.31691.360.300.636.962995450.73
    1990I106.21561.320.290.586.733075360.71
    (1980 = 100)(In U.S. dollars)
    197987.51701.350.570.775.253857130.73
    1980100.01961.430.650.945.973147650.46
    198187.51561.610.510.846.132786450.42
    198283.71561.830.390.735.732835950.39
    198385.21451.860.480.845.402985710.45
    198491.41671.860.430.815.595315840.59
    198577.71361.840.340.604.955835250.51
    198678.91511.640.370.484.652725150.64
    1987105.42221.570.450.757.133215120.80
    1988115.32341.630.540.6411.653705260.88
    1989112.92251.740.440.769.273736530.90
    1987I89.01781.560.410.655.362835100.65
    II96.11831.550.430.747.053075100.83
    III110.52291.560.470.857.903395100.85
    IV126.22961.620.480.768.223535180.86
    1988I116.62451.610.500.6910.483705690.89
    II120.42421.550.600.6712.883705220.96
    III110.72131.590.570.6012.043705430.88
    IV113.52341.740.480.5911.203705690.78
    1989I114.22281.740.500.6410.463705870.89
    II112.42241.740.460.779.003706360.86
    III114.22301.750.410.838.673706900.93
    IV110.72171.750.380.818.933837000.93
    1990I107.32051.740.380.778.864037050.94
    Source: Commodities Division, IMF Research Department.

    The weights in the index are as follows: logs, 45 percent; cotton, 17 percent; wool, 10 percent; natural rubber, 11 percent; tobacco, 11 percent; hides, 5 percent; jute and sisal, less than 1 percent.

    Malaysian meranti logs, average wholesale price, Japan.

    United States, average, estimated prices received by producers.

    Malaysian RSSI, f.o.b. Malaysia/Singapore ports.

    Liverpool Index A, c.i.f. Liverpool.

    U.K. Dominion, 64’s clean, dry combed basis.

    Bangladesh BWD, f.o.b. Chittagong/Chalna.

    East African origin, upgraded, c.i.f. European ports.

    U.S. wholesale price, f.o.b. shipping point Chicago.

    Appendix Table 10.Minerals and Metals: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990
    YearsIndex of

    Minerals

    and Metals Prices 1
    Copper 2Tin 2Aluminum 2Nickel 2Zinc 2Lead 2Iron

    Ore 3
    Steel 4Phosphate

    Rock 5
    (1980 = 100)(In SDR 0.01 a pound)(In SDRs a ton)
    197992.069.35421,2414,62457393118.128525.5
    1980100.076.25851,3635,00858569620.929535.9
    198193.667.05461,0685,04572061720.930442.0
    198288.160.85278974,36967449423.732038.3
    198395.667.55521,3484,37471639822.429434.5
    198494.460.95411,2184,63889843122.630737.3
    198589.963.45161,0284,84777638522.427333.5
    198673.153.02529803,32064134518.726429.2
    198778.762.12441,2093,74961746017.228924.0
    1988112.587.72471,89610,24692548817.238126.8
    1989120.6100.73091,52010,3591,29152520.641231.9
    1987I69.550.22501,0112,91259037317.225124.6
    II73.253.42451,1033,28963848316.527024.0
    III82.262.32431,3604,01962351417.431324.3
    IV90.082.82381,3574,79161747217.732023.1
    1988I99.181.22321,6247,85266648017.233626.3
    II116.980.42372,21412,32888048616.638326.3
    III112.379.82631,97110,44899647017.240527.8
    IV121.7109.52541,77210,3571,15751417.840026.8
    1989I132.4112.12831,68413,5461,42547720.141831.6
    II123.8100.03711,65510,7201,26650420.943432.2
    III117.197.83231,3959,6281,31456120.440732.1
    IV109.192.72581,3487,5421,16155921.138731.6
    1990I100.984.52221,1525,9041,10364522.637030.8
    (1980 = 100)(In U.S. cents a pound)(In U.S. dollars a ton)
    197991.389.57011,6035,9757411,20323.436833.0
    1980100.099.17611,7756,51976190527.238446.7
    198184.879.06431,2635,95384672624.635849.5
    198274.867.25829924,83874554626.235442.4
    198378.572.25891,4394,67376542524.031536.9
    198474.462.55551,2524,75292244223.131438.3
    198570.064.35231,0414,89978339122.727733.9
    198665.962.12941,1503,88975440621.931034.3
    198778.480.83161,5654,87279859622.237431.0
    1988116.2117.93312,54713,7781,24065623.151236.0
    1989118.9129.13951,95113,3131,65667326.452840.8
    1987I67.363.33161,2743,67174447021.631731.0
    II72.869.23171,4284,25682562521.435031.0
    III80.679.53101,7375,13179665622.240031.0
    IV92.9111.23201,8226,43082763323.743031.0
    1988I104.2111.13182,22210,74591165623.546036.0
    II122.8109.93243,02516,8751,20366422.852336.0
    III112.0103.53412,55713,5531,29161022.352536.0
    IV125.7147.23412,38213,9401,55669223.953836.0
    1989I133.8147.43722,21717,8211,87462826.455041.5
    II120.8127.04702,10013,6201,60663926.555040.8
    III113.4123.24061,75712,1361,65570625.751340.5
    IV107.5119.03311,7309,6761,48971827.149740.5
    1990I102.0111.12921,5167,7671,45184829.748740.5
    Source: Commodities Division, IMF Research Department.

    The weights in the index are as follows: copper, 26 percent; aluminum, 20 percent; iron ore, 19 percent; tin, 10 percent; nickel, 8 percent; zinc, 6 percent; lead, 5 percent; phosphate rock, 6 percent.

    London Metal Exchange (LME) price, c.i.f. European ports.

    Brazilian ore, c.i.f. German ports.

    Cold rolled coil, price for export, f.o.b. European Coal and Steel Community mills.

    Moroccan rock, f.a.s. Casablanca.

    The following symbols have been used throughout this paper:

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    – between years or months (e.g., 1987–88 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g., 1987/88) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    World Economic and Financial Surveys

    January 1988International Capital Markets: Developments and Prospects, by Maxwell Watson, Donald Mathieson, Russell Kincaid, David Folkerts-Landau, Klaus Regling, and Caroline Atkinson.
    February 1988Officially Supported Export Credits: Developments and Prospects, by K. Burke Dillon and Luis Duran-Downing, with Miranda Xafa.
    April 1988World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
    May 1988Multilateral Official Debt Rescheduling: Recent Experience, by Peter M. Keller, with Nissanke E. Weerasinghe.
    May 1988Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
    July 1988Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
    October 1988World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
    April 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
    April 1989International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
    July 1989Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
    August 1989Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
    September 1989Developments in International Exchange and Trade Systems, by a Staff Team from the Exchange and Trade Relations Department.
    October 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
    April 1990International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
    May 1990Officially Supported Export Credits: Developments and Prospects, by G.G. Johnson, Matthew Fisher, and Elliott Harris.
    May 1990World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
    July 1990Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.

    Note: For information on the titles and availability of World Economic and Financial Surveys published prior to 1988, please consult the most recent IMF Publications Catalog or contact IMF Publication Services.

    In order to avoid giving undue weight to movements in prices arising from changes in exchange rates of individual currencies, price movements are discussed mostly in terms of SDRs. Because U.S. dollar prices are widely used in trade and in press discussions of commodity developments, however, dollar prices are referred to periodically in the text and are shown in the Appendix Tables.

    Although coverage of individual commodities in Sections II through V is less comprehensive than in previous reports, prices for beef, lamb, bananas, wool, jute, sisal, hides, and phosphate rock are given in the Appendix Tables.

    Averages of percentage changes in individual countries weighted by the average U.S. dollar value of their respective GNPs.

    The dollar index in 1989 on average was 1/2 percent lower than the 1988 level, and the decline from the first to the second half of 1989 was 8 percent.

    Comprising Argentina, Australia, Brazil, Canada, Chile, Colombia, Hungary, Indonesia, Malaysia, New Zealand, the Philippines, Thailand, and Uruguay.

    James M. Boughton and William H. Branson, “Commodity Prices as a Leading Indicator of Inflation,” National Bureau of Economic Research Working Paper No. 2750 (October 1988). The analysis has recently been extended in order to evaluate the relationship between general movements in world prices of primary commodities and the rate of inflation in each of the major industrial countries. See James M. Boughton, William H. Branson, and Alphecca Muttardy, “Commodity Prices and Inflation: Evidence from Seven Large Industrial Countries,” IMF Working Paper No. WP/89/72, September 14, 1989.

    Owing to the many species of hardwood logs traded, no one series is fully representative of trade in hardwood. The price used in this section is the price of a major species of hardwood, Malaysian meranti, in the largest importing country, Japan.

    Malaysian meranti, c.i.f. French ports.

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