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Language:: English

Keywords:: WEFS; price; index; commodity; food; food commodity

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Abstract

This study prepared by the Commodities Division of the Research Department reviews and analyzes the developments in commodity markets.

Statistical Appendix

Appendix Table 1.

Non-Fuel Primary Commodities: Indices of Prices in SDRs and Major Currencies, 1970–First Quarter 1990

(Indices: 1980=100)

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.

^¹Non-fuel commodity prices deflated by the index of unit values of manufactured goods exports.

Appendix Table 1.

Non-Fuel Primary Commodities: Indices of Prices in SDRs and Major Currencies, 1970–First Quarter 1990

(Indices: 1980=100)

		Nominal Prices
Years		SDRs	U.S. dollars	Pounds sterling	Deutsche mark	French francs	Japanese yen	Real Prices ¹
1970		48	37	36	75	49	59	106
1971		47	36	35	69	47	56	99
1972		47	39	36	68	46	52	98
1973		69	63	60	92	66	75	136
1974		83	76	76	109	87	98	136
1975		69	64	67	86	65	84	101
1976		78	69	90	96	79	91	109
1977		86	77	102	98	89	91	111
1978		81	78	94	86	83	72	98
1979		95	95	103	95	95	92	104
1980		100	100	100	100	100	100	100
1981		99	90	104	112	115	87	94
1982		95	81	107	107	125	88	86
1983		104	86	131	120	155	90	94
1984		111	87	152	137	180	91	99
1985		97	76	138	123	162	80	85
1986		81	73	116	88	120	54	69
1987		80	79	112	78	113	50	67
1988		95	98	128	95	138	55	78
1989		99	98	138	101	147	59	78
1987	I	74	72	108	73	104	48	62
	II	76	76	107	75	108	48	65
	III	82	80	115	81	116	52	68
	IV	87	90	119	84	122	54	73
1988	I	88	92	120	85	124	52	74
	II	95	100	126	94	136	55	79
	III	98	98	134	101	146	58	80
	IV	98	102	132	99	146	56	80
1989	I	103	104	138	106	155	59	82
	II	102	100	143	106	155	61	81
	III	98	94	137	100	145	59	76
	IV	94	92	135	92	135	58	73
1990	I	89	90	126	84	122	59	69

^¹Non-fuel commodity prices deflated by the index of unit values of manufactured goods exports.

Appendix Table 1.

Non-Fuel Primary Commodities: Indices of Prices in SDRs and Major Currencies, 1970–First Quarter 1990

(Indices: 1980=100)

		Nominal Prices
Years		SDRs	U.S. dollars	Pounds sterling	Deutsche mark	French francs	Japanese yen	Real Prices ¹
1970		48	37	36	75	49	59	106
1971		47	36	35	69	47	56	99
1972		47	39	36	68	46	52	98
1973		69	63	60	92	66	75	136
1974		83	76	76	109	87	98	136
1975		69	64	67	86	65	84	101
1976		78	69	90	96	79	91	109
1977		86	77	102	98	89	91	111
1978		81	78	94	86	83	72	98
1979		95	95	103	95	95	92	104
1980		100	100	100	100	100	100	100
1981		99	90	104	112	115	87	94
1982		95	81	107	107	125	88	86
1983		104	86	131	120	155	90	94
1984		111	87	152	137	180	91	99
1985		97	76	138	123	162	80	85
1986		81	73	116	88	120	54	69
1987		80	79	112	78	113	50	67
1988		95	98	128	95	138	55	78
1989		99	98	138	101	147	59	78
1987	I	74	72	108	73	104	48	62
	II	76	76	107	75	108	48	65
	III	82	80	115	81	116	52	68
	IV	87	90	119	84	122	54	73
1988	I	88	92	120	85	124	52	74
	II	95	100	126	94	136	55	79
	III	98	98	134	101	146	58	80
	IV	98	102	132	99	146	56	80
1989	I	103	104	138	106	155	59	82
	II	102	100	143	106	155	61	81
	III	98	94	137	100	145	59	76
	IV	94	92	135	92	135	58	73
1990	I	89	90	126	84	122	59	69

^¹Non-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)

Source: Commodities Division, IMF Research Department.

^¹See Appendix I of IMF Primary Commodities: Market Developments and Outlook, World Economic and Financial Surveys (Washington, May 1986) for commodity weights in these indices.

^²Non-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)

Years		Nominal Prices ¹				Real Prices ^1, ²
		SDRs		U.S. dollars		Real Prices ^1, ²
		Industrial countries	Developing countries	Industrial countries	Developing countries	Industrial countries	Developing countries
1970		49	44	37	33	107	96
1971		49	41	38	32	103	87
1972		49	43	41	36	104	91
1973		76	60	70	55	150	119
1974		87	77	80	71	144	128
1975		73	63	68	59	107	93
1976		79	78	70	69	109	108
1977		78	95	70	85	101	123
1978		79	84	76	80	95	101
1979		95	95	94	95	104	105
1980		100	100	100	100	100	100
1981		102	95	93	87	97	90
1982		98	92	83	78	88	83
1983		107	101	88	83	96	91
1984		112	110	88	87	99	98
1985		98	97	76	76	86	85
1986		80	83	72	75	68	71
1987		82	78	81	77	69	65
1988		101	88	104	91	83	73
1989		106	91	104	90	84	72
1987	I	75	73	72	71	63	62
	II	79	74	78	73	67	62
	III	84	79	83	77	71	66
	IV	89	85	92	87	75	71
1988	I	91	84	96	89	77	71
	II	100	88	106	93	84	74
	III	106	90	105	89	86	73
	IV	105	91	108	94	85	74
1989	I	109	95	110	96	88	76
	II	108	95	106	93	86	75
	III	105	89	102	86	82	70
	IV	101	84	100	83	80	66
1990	I	96	81	97	82	76	64

Source: Commodities Division, IMF Research Department.

^¹See Appendix I of IMF Primary Commodities: Market Developments and Outlook, World Economic and Financial Surveys (Washington, May 1986) for commodity weights in these indices.

^²Non-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)

Years		Nominal Prices ¹				Real Prices ^1, ²
		SDRs		U.S. dollars		Real Prices ^1, ²
		Industrial countries	Developing countries	Industrial countries	Developing countries	Industrial countries	Developing countries
1970		49	44	37	33	107	96
1971		49	41	38	32	103	87
1972		49	43	41	36	104	91
1973		76	60	70	55	150	119
1974		87	77	80	71	144	128
1975		73	63	68	59	107	93
1976		79	78	70	69	109	108
1977		78	95	70	85	101	123
1978		79	84	76	80	95	101
1979		95	95	94	95	104	105
1980		100	100	100	100	100	100
1981		102	95	93	87	97	90
1982		98	92	83	78	88	83
1983		107	101	88	83	96	91
1984		112	110	88	87	99	98
1985		98	97	76	76	86	85
1986		80	83	72	75	68	71
1987		82	78	81	77	69	65
1988		101	88	104	91	83	73
1989		106	91	104	90	84	72
1987	I	75	73	72	71	63	62
	II	79	74	78	73	67	62
	III	84	79	83	77	71	66
	IV	89	85	92	87	75	71
1988	I	91	84	96	89	77	71
	II	100	88	106	93	84	74
	III	106	90	105	89	86	73
	IV	105	91	108	94	85	74
1989	I	109	95	110	96	88	76
	II	108	95	106	93	86	75
	III	105	89	102	86	82	70
	IV	101	84	100	83	80	66
1990	I	96	81	97	82	76	64

Source: Commodities Division, IMF Research Department.

^¹See Appendix I of IMF Primary Commodities: Market Developments and Outlook, World Economic and Financial Surveys (Washington, May 1986) for commodity weights in these indices.

^²Non-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)

Source: Commodities Division, IMF Research Department.

^¹Index of average of spot prices for U.K. Brent, Dubai, and Alaska North Slope crude, equally weighted. See Appendix Table 4.

^²Non-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
Years		SDRs	U.S. dollars	Pounds sterling	Deutsche mark	French francs	Japanese yen	Real Prices ²
1970		8	6	6	12	8	9	17
1971		9	7	7	14	9	11	20
1972		9	8	7	14	9	11	20
1973		10	9	8	13	9	11	19
1974		34	32	31	45	36	41	56
1975		32	30	31	40	30	39	47
1976		38	33	43	46	38	44	52
1977		40	36	48	46	42	43	52
1978		38	37	44	40	39	34	46
1979		83	82	90	83	83	81	91
1980		100	100	100	100	100	100	100
1981		106	96	111	119	123	93	100
1982		104	88	118	118	138	97	94
1983		97	80	123	112	144	84	87
1984		101	80	139	124	164	83	90
1985		97	76	138	123	162	80	85
1986		43	39	62	47	64	29	37
1987		50	50	71	50	71	32	42
1988		39	40	52	38	56	23	32
1989		49	48	69	50	73	30	39
1987	I	51	49	74	50	71	33	43
	II	51	51	72	50	72	32	43
	III	53	52	75	53	76	34	44
	IV	47	48	64	45	66	29	39
1988	I	41	43	55	39	57	24	34
	II	41	43	55	41	59	24	34
	III	38	38	53	39	57	23	31
	IV	34	35	46	34	50	19	27
1989	I	46	46	61	47	69	26	37
	II	51	50	71	53	77	30	40
	III	48	47	68	50	72	29	38
	IV	52	51	75	51	74	32	40
1990	I	52	53	74	49	71	34	41

Source: Commodities Division, IMF Research Department.

^¹Index of average of spot prices for U.K. Brent, Dubai, and Alaska North Slope crude, equally weighted. See Appendix Table 4.

^²Non-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
Years		SDRs	U.S. dollars	Pounds sterling	Deutsche mark	French francs	Japanese yen	Real Prices ²
1970		8	6	6	12	8	9	17
1971		9	7	7	14	9	11	20
1972		9	8	7	14	9	11	20
1973		10	9	8	13	9	11	19
1974		34	32	31	45	36	41	56
1975		32	30	31	40	30	39	47
1976		38	33	43	46	38	44	52
1977		40	36	48	46	42	43	52
1978		38	37	44	40	39	34	46
1979		83	82	90	83	83	81	91
1980		100	100	100	100	100	100	100
1981		106	96	111	119	123	93	100
1982		104	88	118	118	138	97	94
1983		97	80	123	112	144	84	87
1984		101	80	139	124	164	83	90
1985		97	76	138	123	162	80	85
1986		43	39	62	47	64	29	37
1987		50	50	71	50	71	32	42
1988		39	40	52	38	56	23	32
1989		49	48	69	50	73	30	39
1987	I	51	49	74	50	71	33	43
	II	51	51	72	50	72	32	43
	III	53	52	75	53	76	34	44
	IV	47	48	64	45	66	29	39
1988	I	41	43	55	39	57	24	34
	II	41	43	55	41	59	24	34
	III	38	38	53	39	57	23	31
	IV	34	35	46	34	50	19	27
1989	I	46	46	61	47	69	26	37
	II	51	50	71	53	77	30	40
	III	48	47	68	50	72	29	38
	IV	52	51	75	51	74	32	40
1990	I	52	53	74	49	71	34	41

Source: Commodities Division, IMF Research Department.

^¹Index of average of spot prices for U.K. Brent, Dubai, and Alaska North Slope crude, equally weighted. See Appendix Table 4.

^²Non-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

Source: Commodities Division, IMF Research Department.

^¹Average of spot prices for U.K. Brent (light crude), Dubai (medium crude), and Alaska North Slope (heavy crude), equally weighted.

Appendix Table 4.

Petroleum: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Average of Petroleum Prices ¹	U.K. Brent	Dubai	Alaska North Slope	Years		Average of Petroleum Prices ¹	U.K. Brent	Dubai	Alaska North Slope
		(In SDRs a barrel)						(In U.S. dollars a barrel)
1979		22.6	24.9	23.1	19.9	1979		29.2	32.1	29.8	25.7
1980		27.3	29.1	27.5	25.1	1980		35.5	37.9	35.8	32.7
1981		28.9	31.1	29.1	26.6	1981		34.1	36.7	34.3	31.4
1982		28.4	30.3	28.8	26.2	1982		31.4	33.4	31.8	29.0
1983		26.5	27.9	26.9	24.8	1983		28.4	29.8	28.7	26.5
1984		27.6	28.1	26.8	27.8	1984		28.3	28.8	27.5	28.5
1985		26.6	26.9	26.1	26.7	1985		27.0	27.3	26.5	27.1
1986		11.8	12.4	11.1	11.8	1986		13.8	14.5	13.1	13.9
1987		13.8	14.2	13.1	14.0	1987		17.8	18.3	16.9	18.1
1988		10.5	11.1	9.8	10.6	1988		14.2	15.0	13.2	14.3
1989		13.4	14.2	12.3	13.8	1989		17.2	18.2	15.7	17.7
1987	I	13.8	14.2	13.4	13.9	1987	I	17.5	17.9	16.9	17.6
	II	13.9	14.3	13.2	14.3		II	18.0	18.6	17.1	18.5
	III	14.5	14.9	13.6	14.9		III	18.5	19.0	17.4	19.1
	IV	12.8	13.4	12.2	14.9		IV	17.2	17.9	16.4	17.2
1988	I	11.1	11.5	10.7	11.0	1988	I	15.2	15.8	14.6	15.1
	II	11.3	11.8	10.6	11.4		II	15.4	16.2	14.5	15.6
	III	10.5	11.1	9.7	10.6		III	13.6	14.4	12.6	13.8
	IV	9.2	10.1	8.3	9.4		IV	12.4	13.5	11.1	12.6
1989	I	12.5	13.3	11.4	12.7	1989	I	16.4	17.5	15.0	16.8
	II	13.9	14.6	12.6	14.5		II	17.7	18.5	16.0	18.4
	III	13.2	13.9	12.2	13.5		III	16.6	17.6	15.4	17.0
	IV	14.0	14.9	12.8	14.4		IV	18.0	19.2	16.5	18.5
1990	I	14.2	15.1	12.7	14.7	1990	I	18.7	19.8	16.7	19.3

Source: Commodities Division, IMF Research Department.

^¹Average of spot prices for U.K. Brent (light crude), Dubai (medium crude), and Alaska North Slope (heavy crude), equally weighted.

Appendix Table 4.

Petroleum: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Average of Petroleum Prices ¹	U.K. Brent	Dubai	Alaska North Slope	Years		Average of Petroleum Prices ¹	U.K. Brent	Dubai	Alaska North Slope
		(In SDRs a barrel)						(In U.S. dollars a barrel)
1979		22.6	24.9	23.1	19.9	1979		29.2	32.1	29.8	25.7
1980		27.3	29.1	27.5	25.1	1980		35.5	37.9	35.8	32.7
1981		28.9	31.1	29.1	26.6	1981		34.1	36.7	34.3	31.4
1982		28.4	30.3	28.8	26.2	1982		31.4	33.4	31.8	29.0
1983		26.5	27.9	26.9	24.8	1983		28.4	29.8	28.7	26.5
1984		27.6	28.1	26.8	27.8	1984		28.3	28.8	27.5	28.5
1985		26.6	26.9	26.1	26.7	1985		27.0	27.3	26.5	27.1
1986		11.8	12.4	11.1	11.8	1986		13.8	14.5	13.1	13.9
1987		13.8	14.2	13.1	14.0	1987		17.8	18.3	16.9	18.1
1988		10.5	11.1	9.8	10.6	1988		14.2	15.0	13.2	14.3
1989		13.4	14.2	12.3	13.8	1989		17.2	18.2	15.7	17.7
1987	I	13.8	14.2	13.4	13.9	1987	I	17.5	17.9	16.9	17.6
	II	13.9	14.3	13.2	14.3		II	18.0	18.6	17.1	18.5
	III	14.5	14.9	13.6	14.9		III	18.5	19.0	17.4	19.1
	IV	12.8	13.4	12.2	14.9		IV	17.2	17.9	16.4	17.2
1988	I	11.1	11.5	10.7	11.0	1988	I	15.2	15.8	14.6	15.1
	II	11.3	11.8	10.6	11.4		II	15.4	16.2	14.5	15.6
	III	10.5	11.1	9.7	10.6		III	13.6	14.4	12.6	13.8
	IV	9.2	10.1	8.3	9.4		IV	12.4	13.5	11.1	12.6
1989	I	12.5	13.3	11.4	12.7	1989	I	16.4	17.5	15.0	16.8
	II	13.9	14.6	12.6	14.5		II	17.7	18.5	16.0	18.4
	III	13.2	13.9	12.2	13.5		III	16.6	17.6	15.4	17.0
	IV	14.0	14.9	12.8	14.4		IV	18.0	19.2	16.5	18.5
1990	I	14.2	15.1	12.7	14.7	1990	I	18.7	19.8	16.7	19.3

Source: Commodities Division, IMF Research Department.

^¹Average 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

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: wheat, 48 percent; maize, 36 percent; rice, 16 percent.

^²U.S. No. 1 hard winter wheat, ordinary protein, f.o.b. Gulf of Mexico ports.

^³U.S. No. 2 yellow corn, f.o.b. Gulf of Mexico ports.

^⁴Thai white milled rice, 5 percent broken, f.o.b. Bangkok.

Appendix Table 5.

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

Years		Index of Cereal Prices ¹	Wheat ²	Maize ³	Rice ⁴	Years		Index of Cereal Prices ¹	Wheat ²	Maize ³	Rice ⁴
		(1980 = 100)	(In SDRs a ton)					(1980 = 100)	(In U.S. dollars a ton)
1979		90.7	124	89	259	1979		90.1	160	116	334
1980		100.0	133	97	333	1980		100.0	173	126	434
1981		114.4	148	111	409	1981		103.8	175	131	483
1982		101.8	145	98	266	1982		86.5	160	108	293
1983		113.4	147	127	259	1983		93.1	157	136	277
1984		115.1	149	133	246	1984		90.7	152	136	252
1985		100.4	134	111	214	1985		78.1	136	112	217
1986		72.0	98	75	179	1986		64.9	115	88	210
1987		61.9	87	58	177	1987		61.5	113	76	230
1988		79.8	108	80	225	1988		82.2	145	107	302
1989		92.2	132	87	250	1989		90.8	169	111	320
1987	I	60.4	89	55	162	1987	I	58.5	112	69	205
	II	62.3	88	61	164		II	62.0	114	78	213
	III	60.6	85	58	178		III	59.5	108	73	228
	IV	64.1	88	61	204		IV	66.1	118	81	274
1988	I	68.5	94	64	220	1988	I	72.0	128	88	301
	II	73.7	99	73	220		II	77.4	135	100	301
	III	89.2	118	94	235		III	88.9	153	122	305
	IV	87.6	122	87	223		IV	90.4	164	117	300
1989	I	91.9	133	90	213	1989	I	92.9	175	118	279
	II	95.5	136	91	252		II	93.1	173	115	319
	III	91.8	131	82	287		III	88.9	165	104	361
	IV	89.7	128	84	251		IV	88.5	164	108	322
1990	I	86.3	123	82	236	1990	I	87.3	162	107	311

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: wheat, 48 percent; maize, 36 percent; rice, 16 percent.

^²U.S. No. 1 hard winter wheat, ordinary protein, f.o.b. Gulf of Mexico ports.

^³U.S. No. 2 yellow corn, f.o.b. Gulf of Mexico ports.

^⁴Thai white milled rice, 5 percent broken, f.o.b. Bangkok.

Appendix Table 5.

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

Years		Index of Cereal Prices ¹	Wheat ²	Maize ³	Rice ⁴	Years		Index of Cereal Prices ¹	Wheat ²	Maize ³	Rice ⁴
		(1980 = 100)	(In SDRs a ton)					(1980 = 100)	(In U.S. dollars a ton)
1979		90.7	124	89	259	1979		90.1	160	116	334
1980		100.0	133	97	333	1980		100.0	173	126	434
1981		114.4	148	111	409	1981		103.8	175	131	483
1982		101.8	145	98	266	1982		86.5	160	108	293
1983		113.4	147	127	259	1983		93.1	157	136	277
1984		115.1	149	133	246	1984		90.7	152	136	252
1985		100.4	134	111	214	1985		78.1	136	112	217
1986		72.0	98	75	179	1986		64.9	115	88	210
1987		61.9	87	58	177	1987		61.5	113	76	230
1988		79.8	108	80	225	1988		82.2	145	107	302
1989		92.2	132	87	250	1989		90.8	169	111	320
1987	I	60.4	89	55	162	1987	I	58.5	112	69	205
	II	62.3	88	61	164		II	62.0	114	78	213
	III	60.6	85	58	178		III	59.5	108	73	228
	IV	64.1	88	61	204		IV	66.1	118	81	274
1988	I	68.5	94	64	220	1988	I	72.0	128	88	301
	II	73.7	99	73	220		II	77.4	135	100	301
	III	89.2	118	94	235		III	88.9	153	122	305
	IV	87.6	122	87	223		IV	90.4	164	117	300
1989	I	91.9	133	90	213	1989	I	92.9	175	118	279
	II	95.5	136	91	252		II	93.1	173	115	319
	III	91.8	131	82	287		III	88.9	165	104	361
	IV	89.7	128	84	251		IV	88.5	164	108	322
1990	I	86.3	123	82	236	1990	I	87.3	162	107	311

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: wheat, 48 percent; maize, 36 percent; rice, 16 percent.

^²U.S. No. 1 hard winter wheat, ordinary protein, f.o.b. Gulf of Mexico ports.

^³U.S. No. 2 yellow corn, f.o.b. Gulf of Mexico ports.

^⁴Thai 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

Source: Commodities Division, IMF Research Department.

^¹The 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.

^²Dutch, f.o.b. ex-mill Rotterdam.

^³Sumatra/Malaysian oil, c.i.f. Northwest European ports.

^⁴Any origin, ex-tank Rotterdam.

^⁵Dutch, f.o.b. ex-mill.

^⁶Philippine/Indonesian oil, in bulk, c.i.f. Rotterdam.

^⁷Any origin, c.i.f. Rotterdam.

^⁸U.S. origin, c.i.f. Rotterdam.

^⁹Argentine meal, in bulk, c.i.f. Rotterdam.

^¹⁰Any origin, c.i.f. Hamburg.

Appendix Table 6.

Vegetable Oils and Protein Meals: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index 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)
1979		103.6	513	506	590	492	762	688	188	184	306
1980		100.0	460	448	486	439	517	661	199	209	388
1981		105.5	430	484	542	410	483	884	214	228	396
1982		93.8	405	403	478	378	422	529	197	189	320
1983		113.2	493	469	524	470	686	668	222	214	423
1984		127.2	707	711	747	669	1,126	990	192	183	364
1985		97.5	567	493	597	536	588	894	155	144	276
1986		71.6	292	219	313	264	253	487	157	141	273
1987		70.5	258	265	279	235	341	387	157	125	296
1988		92.4	345	325	358	319	421	441	199	156	407
1989		87.4	337	273	376	322	403	606	193	156	319
1987	I	66.1	245	263	264	234	310	398	143	126	257
	II	70.4	267	263	304	240	321	398	155	131	280
	III	71.1	253	246	274	223	366	375	158	106	318
	IV	74.4	268	286	272	247	370	376	172	137	329
1988	I	78.1	301	309	304	284	393	376	163	130	349
	II	90.8	339	322	335	305	404	413	197	149	406
	III	106.3	414	359	440	382	465	544	224	178	454
	IV	94.7	328	313	353	305	422	430	213	168	413
1989	I	94.2	322	300	340	313	411	499	211	169	350
	II	93.6	359	308	386	331	446	617	203	160	307
	III	82.1	334	255	397	315	403	641	181	146	291
	IV	79.6	333	231	383	331	353	664	175	149	326
1990	I	75.7	326	212	373	319	303	711	160	158	315
		(1980 = 100)	(In U.S. dollars a ton)
1979		102.8	662	654	762	636	985	889	243	238	395
1980		100.0	598	583	633	571	673	859	259	272	504
1981		95.8	507	571	639	483	570	1,043	253	269	468
1982		79.6	447	445	529	417	467	585	218	208	354
1983		92.8	527	501	558	500	730	711	238	229	453
1984		100.4	725	729	767	687	1,155	1,017	197	188	373
1985		75.8	576	501	602	540	590	905	157	146	280
1986		64.4	342	257	366	308	296	569	185	166	321
1987		70.2	334	343	360	305	442	500	203	162	383
1988		95.3	463	437	480	427	565	591	268	209	544
1989		86.1	432	350	482	413	517	775	247	200	409
1987	I	64.0	309	331	333	295	391	501	180	159	324
	II	70.0	345	341	393	310	415	515	200	170	363
	III	69.8	323	314	350	284	467	478	202	135	405
	IV	76.8	360	384	365	331	496	504	231	184	442
1988	I	82.0	412	423	416	388	537	515	223	178	478
	II	95.3	463	440	458	416	552	564	270	203	556
	III	105.9	537	465	572	496	603	705	291	231	589
	IV	97.7	441	420	473	409	567	578	287	225	555
1989	I	95.2	424	394	446	412	540	656	278	223	461
	II	91.2	455	390	490	419	566	782	258	203	390
	III	79.5	420	321	500	396	508	808	228	185	366
	IV	78.5	427	296	491	425	454	853	225	191	419
1990	I	76.5	429	279	491	420	399	936	211	208	414

Source: Commodities Division, IMF Research Department.

^²Dutch, f.o.b. ex-mill Rotterdam.

^³Sumatra/Malaysian oil, c.i.f. Northwest European ports.

^⁴Any origin, ex-tank Rotterdam.

^⁵Dutch, f.o.b. ex-mill.

^⁶Philippine/Indonesian oil, in bulk, c.i.f. Rotterdam.

^⁷Any origin, c.i.f. Rotterdam.

^⁸U.S. origin, c.i.f. Rotterdam.

^⁹Argentine meal, in bulk, c.i.f. Rotterdam.

^¹⁰Any origin, c.i.f. Hamburg.

Appendix Table 6.

Vegetable Oils and Protein Meals: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index 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)
1979		103.6	513	506	590	492	762	688	188	184	306
1980		100.0	460	448	486	439	517	661	199	209	388
1981		105.5	430	484	542	410	483	884	214	228	396
1982		93.8	405	403	478	378	422	529	197	189	320
1983		113.2	493	469	524	470	686	668	222	214	423
1984		127.2	707	711	747	669	1,126	990	192	183	364
1985		97.5	567	493	597	536	588	894	155	144	276
1986		71.6	292	219	313	264	253	487	157	141	273
1987		70.5	258	265	279	235	341	387	157	125	296
1988		92.4	345	325	358	319	421	441	199	156	407
1989		87.4	337	273	376	322	403	606	193	156	319
1987	I	66.1	245	263	264	234	310	398	143	126	257
	II	70.4	267	263	304	240	321	398	155	131	280
	III	71.1	253	246	274	223	366	375	158	106	318
	IV	74.4	268	286	272	247	370	376	172	137	329
1988	I	78.1	301	309	304	284	393	376	163	130	349
	II	90.8	339	322	335	305	404	413	197	149	406
	III	106.3	414	359	440	382	465	544	224	178	454
	IV	94.7	328	313	353	305	422	430	213	168	413
1989	I	94.2	322	300	340	313	411	499	211	169	350
	II	93.6	359	308	386	331	446	617	203	160	307
	III	82.1	334	255	397	315	403	641	181	146	291
	IV	79.6	333	231	383	331	353	664	175	149	326
1990	I	75.7	326	212	373	319	303	711	160	158	315
		(1980 = 100)	(In U.S. dollars a ton)
1979		102.8	662	654	762	636	985	889	243	238	395
1980		100.0	598	583	633	571	673	859	259	272	504
1981		95.8	507	571	639	483	570	1,043	253	269	468
1982		79.6	447	445	529	417	467	585	218	208	354
1983		92.8	527	501	558	500	730	711	238	229	453
1984		100.4	725	729	767	687	1,155	1,017	197	188	373
1985		75.8	576	501	602	540	590	905	157	146	280
1986		64.4	342	257	366	308	296	569	185	166	321
1987		70.2	334	343	360	305	442	500	203	162	383
1988		95.3	463	437	480	427	565	591	268	209	544
1989		86.1	432	350	482	413	517	775	247	200	409
1987	I	64.0	309	331	333	295	391	501	180	159	324
	II	70.0	345	341	393	310	415	515	200	170	363
	III	69.8	323	314	350	284	467	478	202	135	405
	IV	76.8	360	384	365	331	496	504	231	184	442
1988	I	82.0	412	423	416	388	537	515	223	178	478
	II	95.3	463	440	458	416	552	564	270	203	556
	III	105.9	537	465	572	496	603	705	291	231	589
	IV	97.7	441	420	473	409	567	578	287	225	555
1989	I	95.2	424	394	446	412	540	656	278	223	461
	II	91.2	455	390	490	419	566	782	258	203	390
	III	79.5	420	321	500	396	508	808	228	185	366
	IV	78.5	427	296	491	425	454	853	225	191	419
1990	I	76.5	429	279	491	420	399	936	211	208	414

Source: Commodities Division, IMF Research Department.

^²Dutch, f.o.b. ex-mill Rotterdam.

^³Sumatra/Malaysian oil, c.i.f. Northwest European ports.

^⁴Any origin, ex-tank Rotterdam.

^⁵Dutch, f.o.b. ex-mill.

^⁶Philippine/Indonesian oil, in bulk, c.i.f. Rotterdam.

^⁷Any origin, c.i.f. Rotterdam.

^⁸U.S. origin, c.i.f. Rotterdam.

^⁹Argentine meal, in bulk, c.i.f. Rotterdam.

^¹⁰Any origin, c.i.f. Hamburg.

Appendix Table 7.

Sugar, Bananas, and Meat: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: free market, 50 percent; European Community, 16 percent; United States, 34 percent.

^²International 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.

^³Unpacked sugar, c.i.f. European ports.

^⁴U.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.

^⁵Central American and Ecuador, f.o.b. U.S. ports. A box is 40 pounds.

^⁶Frozen boneless beef, Australian and New Zealand origin, f.o.b. U.S. ports.

^⁷Frozen New Zealand lamb, grade PL, Smithfield market, London.

Appendix Table 7.

Sugar, Bananas, and Meat: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index of Sugar Prices ¹	Sugar			Bananas ⁵	Beef ⁶	Lamb ⁷
Years		Index of Sugar Prices ¹	Free Market ²	European Community ³	United States ⁴	Bananas ⁵	Beef ⁶	Lamb ⁷
		(1980 = 100)	(In SDR 0.01 a pound)			(In SDRs a box)	(In SDRs a pound)
1979		48.6	7.5	14.9	12.0	4.6	1.01	0.84
1980		100.0	22.0	17.0	23.1	5.2	0.95	1.01
1981		71.8	14.3	16.1	16.7	6.2	0.95	1.06
1982		59.2	7.6	16.4	18.0	6.2	0.98	0.98
1983		63.9	7.9	16.4	20.6	7.3	1.04	0.82
1984		57.5	5.1	15.6	21.2	6.5	1.01	0.86
1985		53.5	4.0	15.9	20.0	6.8	0.96	0.82
1986		52.9	5.2	15.9	17.9	5.9	0.81	0.79
1987		52.2	5.2	16.6	16.9	5.3	0.84	0.76
1988		58.1	7.6	17.7	16.5	6.0	0.85	0.81
1989		65.7	10.0	17.9	17.8	6.9	0.91	0.82
1987	I	52.8	5.7	15.6	17.2	5.5	0.81	0.77
	II	51.8	5.1	16.2	17.0	5.6	0.83	0.77
	III	51.6	4.6	16.9	17.2	5.4	0.84	0.75
	IV	52.7	5.5	17.5	16.2	4.7	0.85	0.76
1988	I	54.9	6.5	17.6	16.1	5.7	0.85	0.82
	II	56.3	6.8	18.0	16.3	6.8	0.81	0.84
	III	62.4	9.1	17.5	17.2	5.7	0.87	0.80
	IV	58.8	8.0	17.8	16.2	5.8	0.87	0.80
1989	I	60.1	8.1	18.3	16.7	6.6	0.85	0.79
	II	64.7	9.7	17.7	17.8	8.4	0.87	0.83
	III	69.9	11.2	18.1	18.7	6.1	0.92	0.84
	IV	68.3	11.1	17.7	18.0	6.4	0.99	0.83
1990	I	68.2	11.2	18.0	17.6	7.6	0.89	0.87
		(1980 = 100)	(U.S. cents a pound)			(In U.S. dollars a box)	(In U.S. dollars a pound)
1979		48.3	9.7	19.3	15.5	5.9	1.31	1.09
1980		100.0	28.7	22.1	30.0	6.8	1.25	1.31
1981		65.4	16.9	18.9	19.7	7.3	1.12	1.25
1982		50.3	8.4	18.1	19.9	6.8	1.08	1.09
1983		52.4	8.5	17.6	22.0	7.8	1.11	0.88
1984		45.3	5.2	16.0	21.7	6.7	1.03	0.88
1985		41.8	4.1	16.1	20.4	6.9	0.98	0.84
1986		47.7	6.1	18.6	21.0	6.9	0.95	0.93
1987		51.9	6.8	21.4	21.8	6.8	1.08	0.98
1988		59.9	10.2	23.8	22.1	8.1	1.14	1.09
1989		64.7	12.8	23.0	22.8	8.8	1.16	1.05
1987	I	51.2	7.2	19.7	21.7	7.0	1.03	0.97
	II	51.5	6.6	21.0	22.0	7.2	1.08	1.00
	III	50.6	5.8	21.6	22.0	6.9	1.08	0.95
	IV	54.4	7.4	23.4	21.8	6.3	1.15	1.02
1988	I	57.7	8.9	24.0	22.0	7.8	1.17	1.13
	II	59.2	9.3	24.6	22.3	9.3	1.11	1.14
	III	62.2	11.8	22.7	22.4	7.4	1.13	1.03
	IV	60.7	10.8	24.0	21.8	7.8	1.17	1.08
1989	I	60.7	10.6	24.0	22.0	8.7	1.12	1.05
	II	63.1	12.3	22.4	22.6	10.7	1.10	1.05
	III	67.6	14.1	22.8	23.6	7.7	1.16	1.05
	IV	67.4	14.3	22.7	23.0	8.2	1.28	1.06
1990	I	68.9	14.7	23.7	23.2	10.0	1.17	1.14

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: free market, 50 percent; European Community, 16 percent; United States, 34 percent.

^²International 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.

^³Unpacked sugar, c.i.f. European ports.

^⁴U.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.

^⁵Central American and Ecuador, f.o.b. U.S. ports. A box is 40 pounds.

^⁶Frozen boneless beef, Australian and New Zealand origin, f.o.b. U.S. ports.

^⁷Frozen New Zealand lamb, grade PL, Smithfield market, London.

Appendix Table 7.

Sugar, Bananas, and Meat: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index of Sugar Prices ¹	Sugar			Bananas ⁵	Beef ⁶	Lamb ⁷
Years		Index of Sugar Prices ¹	Free Market ²	European Community ³	United States ⁴	Bananas ⁵	Beef ⁶	Lamb ⁷
		(1980 = 100)	(In SDR 0.01 a pound)			(In SDRs a box)	(In SDRs a pound)
1979		48.6	7.5	14.9	12.0	4.6	1.01	0.84
1980		100.0	22.0	17.0	23.1	5.2	0.95	1.01
1981		71.8	14.3	16.1	16.7	6.2	0.95	1.06
1982		59.2	7.6	16.4	18.0	6.2	0.98	0.98
1983		63.9	7.9	16.4	20.6	7.3	1.04	0.82
1984		57.5	5.1	15.6	21.2	6.5	1.01	0.86
1985		53.5	4.0	15.9	20.0	6.8	0.96	0.82
1986		52.9	5.2	15.9	17.9	5.9	0.81	0.79
1987		52.2	5.2	16.6	16.9	5.3	0.84	0.76
1988		58.1	7.6	17.7	16.5	6.0	0.85	0.81
1989		65.7	10.0	17.9	17.8	6.9	0.91	0.82
1987	I	52.8	5.7	15.6	17.2	5.5	0.81	0.77
	II	51.8	5.1	16.2	17.0	5.6	0.83	0.77
	III	51.6	4.6	16.9	17.2	5.4	0.84	0.75
	IV	52.7	5.5	17.5	16.2	4.7	0.85	0.76
1988	I	54.9	6.5	17.6	16.1	5.7	0.85	0.82
	II	56.3	6.8	18.0	16.3	6.8	0.81	0.84
	III	62.4	9.1	17.5	17.2	5.7	0.87	0.80
	IV	58.8	8.0	17.8	16.2	5.8	0.87	0.80
1989	I	60.1	8.1	18.3	16.7	6.6	0.85	0.79
	II	64.7	9.7	17.7	17.8	8.4	0.87	0.83
	III	69.9	11.2	18.1	18.7	6.1	0.92	0.84
	IV	68.3	11.1	17.7	18.0	6.4	0.99	0.83
1990	I	68.2	11.2	18.0	17.6	7.6	0.89	0.87
		(1980 = 100)	(U.S. cents a pound)			(In U.S. dollars a box)	(In U.S. dollars a pound)
1979		48.3	9.7	19.3	15.5	5.9	1.31	1.09
1980		100.0	28.7	22.1	30.0	6.8	1.25	1.31
1981		65.4	16.9	18.9	19.7	7.3	1.12	1.25
1982		50.3	8.4	18.1	19.9	6.8	1.08	1.09
1983		52.4	8.5	17.6	22.0	7.8	1.11	0.88
1984		45.3	5.2	16.0	21.7	6.7	1.03	0.88
1985		41.8	4.1	16.1	20.4	6.9	0.98	0.84
1986		47.7	6.1	18.6	21.0	6.9	0.95	0.93
1987		51.9	6.8	21.4	21.8	6.8	1.08	0.98
1988		59.9	10.2	23.8	22.1	8.1	1.14	1.09
1989		64.7	12.8	23.0	22.8	8.8	1.16	1.05
1987	I	51.2	7.2	19.7	21.7	7.0	1.03	0.97
	II	51.5	6.6	21.0	22.0	7.2	1.08	1.00
	III	50.6	5.8	21.6	22.0	6.9	1.08	0.95
	IV	54.4	7.4	23.4	21.8	6.3	1.15	1.02
1988	I	57.7	8.9	24.0	22.0	7.8	1.17	1.13
	II	59.2	9.3	24.6	22.3	9.3	1.11	1.14
	III	62.2	11.8	22.7	22.4	7.4	1.13	1.03
	IV	60.7	10.8	24.0	21.8	7.8	1.17	1.08
1989	I	60.7	10.6	24.0	22.0	8.7	1.12	1.05
	II	63.1	12.3	22.4	22.6	10.7	1.10	1.05
	III	67.6	14.1	22.8	23.6	7.7	1.16	1.05
	IV	67.4	14.3	22.7	23.0	8.2	1.28	1.06
1990	I	68.9	14.7	23.7	23.2	10.0	1.17	1.14

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: free market, 50 percent; European Community, 16 percent; United States, 34 percent.

^²International 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.

^³Unpacked sugar, c.i.f. European ports.

^⁴U.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.

^⁵Central American and Ecuador, f.o.b. U.S. ports. A box is 40 pounds.

^⁶Frozen boneless beef, Australian and New Zealand origin, f.o.b. U.S. ports.

^⁷Frozen New Zealand lamb, grade PL, Smithfield market, London.

Appendix Table 8.

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

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: coffee, 63 percent; tea, 11 percent; and cocoa beans, 26 percent.

^²Central American and Mexican origin, average of prices ex-dock New York and ex-dock Bremen/Hamburg.

^³African origin, average of prices of ex-dock New York and ex-dock Le Havre/Marseille.

^⁴Any origin, average London auction prices.

^⁵International 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 8.

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

Years		Index of Prices of Beverages ¹	Coffee		Tea ⁴ (Kilogram)	Cocoa Beans ⁵ (Ton)
Years		Index of Prices of Beverages ¹	Mild arabica ² (Pound)	Robusta ³ (Pound)	Tea ⁴ (Kilogram)	Cocoa Beans ⁵ (Ton)
		(1980 = 100)	(In SDRs)
1979		115.2	1.34	1.28	1.67	2,549
1980		100.0	1.18	1.13	1.71	2,000
1981		87.4	1.09	0.87	1.71	1,763
1982		93.8	1.27	1.01	1.75	1,574
1983		105.0	1.23	1.16	2.17	1,985
1984		127.0	1.41	1.35	3.37	2,335
1985		113.2	1.43	1.19	1.97	2,220
1986		113.3	1.65	1.27	1.64	1,765
1987		73.8	0.87	0.79	1.32	1,546
1988		70.8	1.01	0.71	1.33	1,177
1989		61.8	0.83	0.59	1.57	968
1987	I	78.0	0.91	0.85	1.49	1,573
	II	71.9	0.84	0.79	1.10	1,580
	III	71.2	0.81	0.75	1.23	1,603
	IV	74.1	0.91	0.78	1.45	1,428
1988	I	73.7	0.97	0.75	1.46	1,330
	II	70.6	1.01	0.70	1.27	1,211
	III	68.5	1.04	0.66	1.18	1,104
	IV	70.3	1.01	0.72	1.41	1,061
1989	I	73.4	1.08	0.74	1.40	1,098
	II	70.1	1.06	0.71	1.36	985
	III	54.0	0.64	0.49	1.57	1,000
	IV	49.1	0.55	0.41	1.95	791
1990	I	49.9	0.64	0.40	1.66	797
		(1980 = 100)	(In U.S. dollars)
1979		114.4	1.74	1.66	2.16	3,293
1980		100.0	1.54	1.47	2.23	2,603
1981		79.3	1.28	1.03	2.02	2,077
1982		79.6	1.40	1.11	1.93	1,742
1983		86.1	1.32	1.24	2.32	2,119
1984		100.0	1.44	1.38	3.46	2,396
1985		88.3	1.46	1.21	1.98	2,255
1986		101.8	1.93	1.48	1.93	2,068
1987		73.3	1.12	1.02	1.71	1,998
1988		73.2	1.35	0.95	1.79	1,584
1989		60.8	1.07	0.76	2.01	1,242
1987	I	75.6	1.15	1.07	1.88	1,984
	II	71.5	1.09	1.02	1.43	2,046
	III	69.8	1.03	0.96	1.57	2,046
	IV	76.4	1.23	1.05	1.95	1,916
1988	I	77.4	1.33	1.02	1.99	1,819
	II	74.2	1.37	0.95	1.74	1,657
	III	68.3	1.34	0.86	1.53	1,432
	IV	72.7	1.36	0.97	1.90	1,427
1989	I	74.2	1.42	0.99	1.84	1,444
	II	68.3	1.35	0.90	1.73	1,249
	III	52.3	0.80	0.62	1.98	1,261
	IV	48.5	0.70	0.53	2.50	1,015
1990	I	50.4	0.85	0.53	2.19	1,049

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: coffee, 63 percent; tea, 11 percent; and cocoa beans, 26 percent.

^²Central American and Mexican origin, average of prices ex-dock New York and ex-dock Bremen/Hamburg.

^³African origin, average of prices of ex-dock New York and ex-dock Le Havre/Marseille.

^⁴Any origin, average London auction prices.

^⁵International 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 8.

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

Years		Index of Prices of Beverages ¹	Coffee		Tea ⁴ (Kilogram)	Cocoa Beans ⁵ (Ton)
Years		Index of Prices of Beverages ¹	Mild arabica ² (Pound)	Robusta ³ (Pound)	Tea ⁴ (Kilogram)	Cocoa Beans ⁵ (Ton)
		(1980 = 100)	(In SDRs)
1979		115.2	1.34	1.28	1.67	2,549
1980		100.0	1.18	1.13	1.71	2,000
1981		87.4	1.09	0.87	1.71	1,763
1982		93.8	1.27	1.01	1.75	1,574
1983		105.0	1.23	1.16	2.17	1,985
1984		127.0	1.41	1.35	3.37	2,335
1985		113.2	1.43	1.19	1.97	2,220
1986		113.3	1.65	1.27	1.64	1,765
1987		73.8	0.87	0.79	1.32	1,546
1988		70.8	1.01	0.71	1.33	1,177
1989		61.8	0.83	0.59	1.57	968
1987	I	78.0	0.91	0.85	1.49	1,573
	II	71.9	0.84	0.79	1.10	1,580
	III	71.2	0.81	0.75	1.23	1,603
	IV	74.1	0.91	0.78	1.45	1,428
1988	I	73.7	0.97	0.75	1.46	1,330
	II	70.6	1.01	0.70	1.27	1,211
	III	68.5	1.04	0.66	1.18	1,104
	IV	70.3	1.01	0.72	1.41	1,061
1989	I	73.4	1.08	0.74	1.40	1,098
	II	70.1	1.06	0.71	1.36	985
	III	54.0	0.64	0.49	1.57	1,000
	IV	49.1	0.55	0.41	1.95	791
1990	I	49.9	0.64	0.40	1.66	797
		(1980 = 100)	(In U.S. dollars)
1979		114.4	1.74	1.66	2.16	3,293
1980		100.0	1.54	1.47	2.23	2,603
1981		79.3	1.28	1.03	2.02	2,077
1982		79.6	1.40	1.11	1.93	1,742
1983		86.1	1.32	1.24	2.32	2,119
1984		100.0	1.44	1.38	3.46	2,396
1985		88.3	1.46	1.21	1.98	2,255
1986		101.8	1.93	1.48	1.93	2,068
1987		73.3	1.12	1.02	1.71	1,998
1988		73.2	1.35	0.95	1.79	1,584
1989		60.8	1.07	0.76	2.01	1,242
1987	I	75.6	1.15	1.07	1.88	1,984
	II	71.5	1.09	1.02	1.43	2,046
	III	69.8	1.03	0.96	1.57	2,046
	IV	76.4	1.23	1.05	1.95	1,916
1988	I	77.4	1.33	1.02	1.99	1,819
	II	74.2	1.37	0.95	1.74	1,657
	III	68.3	1.34	0.86	1.53	1,432
	IV	72.7	1.36	0.97	1.90	1,427
1989	I	74.2	1.42	0.99	1.84	1,444
	II	68.3	1.35	0.90	1.73	1,249
	III	52.3	0.80	0.62	1.98	1,261
	IV	48.5	0.70	0.53	2.50	1,015
1990	I	50.4	0.85	0.53	2.19	1,049

Source: Commodities Division, IMF Research Department.

^¹The weights in the index are as follows: coffee, 63 percent; tea, 11 percent; and cocoa beans, 26 percent.

^²Central American and Mexican origin, average of prices ex-dock New York and ex-dock Bremen/Hamburg.

^³African origin, average of prices of ex-dock New York and ex-dock Le Havre/Marseille.

^⁴Any origin, average London auction prices.

^⁵International 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

Source: Commodities Division, IMF Research Department.

^¹The 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.

^²Malaysian meranti logs, average wholesale price, Japan.

^³United States, average, estimated prices received by producers.

^⁴Malaysian RSSI, f.o.b. Malaysia/Singapore ports.

^⁵Liverpool Index A, c.i.f. Liverpool.

^⁶U.K. Dominion, 64’s clean, dry combed basis.

^⁷Bangladesh BWD, f.o.b. Chittagong/Chalna.

^⁸East African origin, upgraded, c.i.f. European ports.

^⁹U.S. wholesale price, f.o.b. shipping point Chicago.

Appendix Table 9.

Agricultural Raw Materials: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index 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)
1979		92.6	132	1.04	0.44	0.60	4.06	298	551	0.57
1980		100.0	150	1.10	0.50	0.72	4.59	241	588	0.35
1981		96.4	132	1.36	0.43	0.71	5.20	236	547	0.35
1982		98.6	141	1.66	0.35	0.66	5.19	256	539	0.35
1983		103.9	136	1.74	0.45	0.79	5.05	280	534	0.42
1984		115.9	163	1.81	0.42	0.79	5.45	521	570	0.57
1985		99.6	134	1.82	0.34	0.59	4.88	583	517	0.50
1986		87.6	129	1.40	0.31	0.41	3.97	233	439	0.55
1987		105.9	171	1.22	0.35	0.58	5.50	248	396	0.62
1988		111.6	174	1.21	0.40	0.47	8.68	275	392	0.65
1989		114.6	175	1.36	0.34	0.59	7.22	291	510	0.70
1987	I	91.9	141	1.23	0.32	0.51	4.25	225	405	0.52
	II	96.7	141	1.20	0.33	0.57	5.45	237	394	0.64
	III	112.6	179	1.22	0.37	0.66	6.19	266	400	0.67
	IV	122.4	220	1.21	0.36	0.56	6.13	263	386	0.64
1988	I	110.9	179	1.18	0.37	0.50	7.66	271	416	0.65
	II	114.5	177	1.14	0.44	0.49	9.41	271	381	0.70
	III	111.1	164	1.23	0.44	0.46	9.29	285	419	0.68
	IV	109.9	174	1.30	0.36	0.44	8.34	275	423	0.58
1989	I	112.9	173	1.32	0.38	0.49	7.95	281	446	0.67
	II	115.4	177	1.37	0.37	0.60	7.10	292	501	0.68
	III	117.9	182	1.39	0.33	0.65	6.88	294	548	0.73
	IV	112.3	169	1.36	0.30	0.63	6.96	299	545	0.73
1990	I	106.2	156	1.32	0.29	0.58	6.73	307	536	0.71
		(1980 = 100)	(In U.S. dollars)
1979		87.5	170	1.35	0.57	0.77	5.25	385	713	0.73
1980		100.0	196	1.43	0.65	0.94	5.97	314	765	0.46
1981		87.5	156	1.61	0.51	0.84	6.13	278	645	0.42
1982		83.7	156	1.83	0.39	0.73	5.73	283	595	0.39
1983		85.2	145	1.86	0.48	0.84	5.40	298	571	0.45
1984		91.4	167	1.86	0.43	0.81	5.59	531	584	0.59
1985		77.7	136	1.84	0.34	0.60	4.95	583	525	0.51
1986		78.9	151	1.64	0.37	0.48	4.65	272	515	0.64
1987		105.4	222	1.57	0.45	0.75	7.13	321	512	0.80
1988		115.3	234	1.63	0.54	0.64	11.65	370	526	0.88
1989		112.9	225	1.74	0.44	0.76	9.27	373	653	0.90
1987	I	89.0	178	1.56	0.41	0.65	5.36	283	510	0.65
	II	96.1	183	1.55	0.43	0.74	7.05	307	510	0.83
	III	110.5	229	1.56	0.47	0.85	7.90	339	510	0.85
	IV	126.2	296	1.62	0.48	0.76	8.22	353	518	0.86
1988	I	116.6	245	1.61	0.50	0.69	10.48	370	569	0.89
	II	120.4	242	1.55	0.60	0.67	12.88	370	522	0.96
	III	110.7	213	1.59	0.57	0.60	12.04	370	543	0.88
	IV	113.5	234	1.74	0.48	0.59	11.20	370	569	0.78
1989	I	114.2	228	1.74	0.50	0.64	10.46	370	587	0.89
	II	112.4	224	1.74	0.46	0.77	9.00	370	636	0.86
	III	114.2	230	1.75	0.41	0.83	8.67	370	690	0.93
	IV	110.7	217	1.75	0.38	0.81	8.93	383	700	0.93
1990	I	107.3	205	1.74	0.38	0.77	8.86	403	705	0.94

Source: Commodities Division, IMF Research Department.

^²Malaysian meranti logs, average wholesale price, Japan.

^³United States, average, estimated prices received by producers.

^⁴Malaysian RSSI, f.o.b. Malaysia/Singapore ports.

^⁵Liverpool Index A, c.i.f. Liverpool.

^⁶U.K. Dominion, 64’s clean, dry combed basis.

^⁷Bangladesh BWD, f.o.b. Chittagong/Chalna.

^⁸East African origin, upgraded, c.i.f. European ports.

^⁹U.S. wholesale price, f.o.b. shipping point Chicago.

Appendix Table 9.

Agricultural Raw Materials: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index 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)
1979		92.6	132	1.04	0.44	0.60	4.06	298	551	0.57
1980		100.0	150	1.10	0.50	0.72	4.59	241	588	0.35
1981		96.4	132	1.36	0.43	0.71	5.20	236	547	0.35
1982		98.6	141	1.66	0.35	0.66	5.19	256	539	0.35
1983		103.9	136	1.74	0.45	0.79	5.05	280	534	0.42
1984		115.9	163	1.81	0.42	0.79	5.45	521	570	0.57
1985		99.6	134	1.82	0.34	0.59	4.88	583	517	0.50
1986		87.6	129	1.40	0.31	0.41	3.97	233	439	0.55
1987		105.9	171	1.22	0.35	0.58	5.50	248	396	0.62
1988		111.6	174	1.21	0.40	0.47	8.68	275	392	0.65
1989		114.6	175	1.36	0.34	0.59	7.22	291	510	0.70
1987	I	91.9	141	1.23	0.32	0.51	4.25	225	405	0.52
	II	96.7	141	1.20	0.33	0.57	5.45	237	394	0.64
	III	112.6	179	1.22	0.37	0.66	6.19	266	400	0.67
	IV	122.4	220	1.21	0.36	0.56	6.13	263	386	0.64
1988	I	110.9	179	1.18	0.37	0.50	7.66	271	416	0.65
	II	114.5	177	1.14	0.44	0.49	9.41	271	381	0.70
	III	111.1	164	1.23	0.44	0.46	9.29	285	419	0.68
	IV	109.9	174	1.30	0.36	0.44	8.34	275	423	0.58
1989	I	112.9	173	1.32	0.38	0.49	7.95	281	446	0.67
	II	115.4	177	1.37	0.37	0.60	7.10	292	501	0.68
	III	117.9	182	1.39	0.33	0.65	6.88	294	548	0.73
	IV	112.3	169	1.36	0.30	0.63	6.96	299	545	0.73
1990	I	106.2	156	1.32	0.29	0.58	6.73	307	536	0.71
		(1980 = 100)	(In U.S. dollars)
1979		87.5	170	1.35	0.57	0.77	5.25	385	713	0.73
1980		100.0	196	1.43	0.65	0.94	5.97	314	765	0.46
1981		87.5	156	1.61	0.51	0.84	6.13	278	645	0.42
1982		83.7	156	1.83	0.39	0.73	5.73	283	595	0.39
1983		85.2	145	1.86	0.48	0.84	5.40	298	571	0.45
1984		91.4	167	1.86	0.43	0.81	5.59	531	584	0.59
1985		77.7	136	1.84	0.34	0.60	4.95	583	525	0.51
1986		78.9	151	1.64	0.37	0.48	4.65	272	515	0.64
1987		105.4	222	1.57	0.45	0.75	7.13	321	512	0.80
1988		115.3	234	1.63	0.54	0.64	11.65	370	526	0.88
1989		112.9	225	1.74	0.44	0.76	9.27	373	653	0.90
1987	I	89.0	178	1.56	0.41	0.65	5.36	283	510	0.65
	II	96.1	183	1.55	0.43	0.74	7.05	307	510	0.83
	III	110.5	229	1.56	0.47	0.85	7.90	339	510	0.85
	IV	126.2	296	1.62	0.48	0.76	8.22	353	518	0.86
1988	I	116.6	245	1.61	0.50	0.69	10.48	370	569	0.89
	II	120.4	242	1.55	0.60	0.67	12.88	370	522	0.96
	III	110.7	213	1.59	0.57	0.60	12.04	370	543	0.88
	IV	113.5	234	1.74	0.48	0.59	11.20	370	569	0.78
1989	I	114.2	228	1.74	0.50	0.64	10.46	370	587	0.89
	II	112.4	224	1.74	0.46	0.77	9.00	370	636	0.86
	III	114.2	230	1.75	0.41	0.83	8.67	370	690	0.93
	IV	110.7	217	1.75	0.38	0.81	8.93	383	700	0.93
1990	I	107.3	205	1.74	0.38	0.77	8.86	403	705	0.94

Source: Commodities Division, IMF Research Department.

^²Malaysian meranti logs, average wholesale price, Japan.

^³United States, average, estimated prices received by producers.

^⁴Malaysian RSSI, f.o.b. Malaysia/Singapore ports.

^⁵Liverpool Index A, c.i.f. Liverpool.

^⁶U.K. Dominion, 64’s clean, dry combed basis.

^⁷Bangladesh BWD, f.o.b. Chittagong/Chalna.

^⁸East African origin, upgraded, c.i.f. European ports.

^⁹U.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

Source: Commodities Division, IMF Research Department.

^¹The 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.

^²London Metal Exchange (LME) price, c.i.f. European ports.

^³Brazilian ore, c.i.f. German ports.

^⁴Cold rolled coil, price for export, f.o.b. European Coal and Steel Community mills.

^⁵Moroccan rock, f.a.s. Casablanca.

Appendix Table 10.

Minerals and Metals: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index of Minerals and Metals Prices ¹	Copper ²	Tin ²	Aluminum ²	Nickel ²	Zinc ²	Lead ²	Iron Ore ³	Steel ⁴	Phosphate Rock ⁵
		(1980 = 100)	(In SDR 0.01 a pound)		(In SDRs a ton)
1979		92.0	69.3	542	1,241	4,624	573	931	18.1	285	25.5
1980		100.0	76.2	585	1,363	5,008	585	696	20.9	295	35.9
1981		93.6	67.0	546	1,068	5,045	720	617	20.9	304	42.0
1982		88.1	60.8	527	897	4,369	674	494	23.7	320	38.3
1983		95.6	67.5	552	1,348	4,374	716	398	22.4	294	34.5
1984		94.4	60.9	541	1,218	4,638	898	431	22.6	307	37.3
1985		89.9	63.4	516	1,028	4,847	776	385	22.4	273	33.5
1986		73.1	53.0	252	980	3,320	641	345	18.7	264	29.2
1987		78.7	62.1	244	1,209	3,749	617	460	17.2	289	24.0
1988		112.5	87.7	247	1,896	10,246	925	488	17.2	381	26.8
1989		120.6	100.7	309	1,520	10,359	1,291	525	20.6	412	31.9
1987	I	69.5	50.2	250	1,011	2,912	590	373	17.2	251	24.6
	II	73.2	53.4	245	1,103	3,289	638	483	16.5	270	24.0
	III	82.2	62.3	243	1,360	4,019	623	514	17.4	313	24.3
	IV	90.0	82.8	238	1,357	4,791	617	472	17.7	320	23.1
1988	I	99.1	81.2	232	1,624	7,852	666	480	17.2	336	26.3
	II	116.9	80.4	237	2,214	12,328	880	486	16.6	383	26.3
	III	112.3	79.8	263	1,971	10,448	996	470	17.2	405	27.8
	IV	121.7	109.5	254	1,772	10,357	1,157	514	17.8	400	26.8
1989	I	132.4	112.1	283	1,684	13,546	1,425	477	20.1	418	31.6
	II	123.8	100.0	371	1,655	10,720	1,266	504	20.9	434	32.2
	III	117.1	97.8	323	1,395	9,628	1,314	561	20.4	407	32.1
	IV	109.1	92.7	258	1,348	7,542	1,161	559	21.1	387	31.6
1990	I	100.9	84.5	222	1,152	5,904	1,103	645	22.6	370	30.8
		(1980 = 100)	(In U.S. cents a pound)		(In U.S. dollars a ton)
1979		91.3	89.5	701	1,603	5,975	741	1,203	23.4	368	33.0
1980		100.0	99.1	761	1,775	6,519	761	905	27.2	384	46.7
1981		84.8	79.0	643	1,263	5,953	846	726	24.6	358	49.5
1982		74.8	67.2	582	992	4,838	745	546	26.2	354	42.4
1983		78.5	72.2	589	1,439	4,673	765	425	24.0	315	36.9
1984		74.4	62.5	555	1,252	4,752	922	442	23.1	314	38.3
1985		70.0	64.3	523	1,041	4,899	783	391	22.7	277	33.9
1986		65.9	62.1	294	1,150	3,889	754	406	21.9	310	34.3
1987		78.4	80.8	316	1,565	4,872	798	596	22.2	374	31.0
1988		116.2	117.9	331	2,547	13,778	1,240	656	23.1	512	36.0
1989		118.9	129.1	395	1,951	13,313	1,656	673	26.4	528	40.8
1987	I	67.3	63.3	316	1,274	3,671	744	470	21.6	317	31.0
	II	72.8	69.2	317	1,428	4,256	825	625	21.4	350	31.0
	III	80.6	79.5	310	1,737	5,131	796	656	22.2	400	31.0
	IV	92.9	111.2	320	1,822	6,430	827	633	23.7	430	31.0
1988	I	104.2	111.1	318	2,222	10,745	911	656	23.5	460	36.0
	II	122.8	109.9	324	3,025	16,875	1,203	664	22.8	523	36.0
	III	112.0	103.5	341	2,557	13,553	1,291	610	22.3	525	36.0
	IV	125.7	147.2	341	2,382	13,940	1,556	692	23.9	538	36.0
1989	I	133.8	147.4	372	2,217	17,821	1,874	628	26.4	550	41.5
	II	120.8	127.0	470	2,100	13,620	1,606	639	26.5	550	40.8
	III	113.4	123.2	406	1,757	12,136	1,655	706	25.7	513	40.5
	IV	107.5	119.0	331	1,730	9,676	1,489	718	27.1	497	40.5
1990	I	102.0	111.1	292	1,516	7,767	1,451	848	29.7	487	40.5

Source: Commodities Division, IMF Research Department.

^²London Metal Exchange (LME) price, c.i.f. European ports.

^³Brazilian ore, c.i.f. German ports.

^⁴Cold rolled coil, price for export, f.o.b. European Coal and Steel Community mills.

^⁵Moroccan rock, f.a.s. Casablanca.

Appendix Table 10.

Minerals and Metals: Prices in SDRs and U.S. Dollars, 1979–First Quarter 1990

Years		Index of Minerals and Metals Prices ¹	Copper ²	Tin ²	Aluminum ²	Nickel ²	Zinc ²	Lead ²	Iron Ore ³	Steel ⁴	Phosphate Rock ⁵
		(1980 = 100)	(In SDR 0.01 a pound)		(In SDRs a ton)
1979		92.0	69.3	542	1,241	4,624	573	931	18.1	285	25.5
1980		100.0	76.2	585	1,363	5,008	585	696	20.9	295	35.9
1981		93.6	67.0	546	1,068	5,045	720	617	20.9	304	42.0
1982		88.1	60.8	527	897	4,369	674	494	23.7	320	38.3
1983		95.6	67.5	552	1,348	4,374	716	398	22.4	294	34.5
1984		94.4	60.9	541	1,218	4,638	898	431	22.6	307	37.3
1985		89.9	63.4	516	1,028	4,847	776	385	22.4	273	33.5
1986		73.1	53.0	252	980	3,320	641	345	18.7	264	29.2
1987		78.7	62.1	244	1,209	3,749	617	460	17.2	289	24.0
1988		112.5	87.7	247	1,896	10,246	925	488	17.2	381	26.8
1989		120.6	100.7	309	1,520	10,359	1,291	525	20.6	412	31.9
1987	I	69.5	50.2	250	1,011	2,912	590	373	17.2	251	24.6
	II	73.2	53.4	245	1,103	3,289	638	483	16.5	270	24.0
	III	82.2	62.3	243	1,360	4,019	623	514	17.4	313	24.3
	IV	90.0	82.8	238	1,357	4,791	617	472	17.7	320	23.1
1988	I	99.1	81.2	232	1,624	7,852	666	480	17.2	336	26.3
	II	116.9	80.4	237	2,214	12,328	880	486	16.6	383	26.3
	III	112.3	79.8	263	1,971	10,448	996	470	17.2	405	27.8
	IV	121.7	109.5	254	1,772	10,357	1,157	514	17.8	400	26.8
1989	I	132.4	112.1	283	1,684	13,546	1,425	477	20.1	418	31.6
	II	123.8	100.0	371	1,655	10,720	1,266	504	20.9	434	32.2
	III	117.1	97.8	323	1,395	9,628	1,314	561	20.4	407	32.1
	IV	109.1	92.7	258	1,348	7,542	1,161	559	21.1	387	31.6
1990	I	100.9	84.5	222	1,152	5,904	1,103	645	22.6	370	30.8
		(1980 = 100)	(In U.S. cents a pound)		(In U.S. dollars a ton)
1979		91.3	89.5	701	1,603	5,975	741	1,203	23.4	368	33.0
1980		100.0	99.1	761	1,775	6,519	761	905	27.2	384	46.7
1981		84.8	79.0	643	1,263	5,953	846	726	24.6	358	49.5
1982		74.8	67.2	582	992	4,838	745	546	26.2	354	42.4
1983		78.5	72.2	589	1,439	4,673	765	425	24.0	315	36.9
1984		74.4	62.5	555	1,252	4,752	922	442	23.1	314	38.3
1985		70.0	64.3	523	1,041	4,899	783	391	22.7	277	33.9
1986		65.9	62.1	294	1,150	3,889	754	406	21.9	310	34.3
1987		78.4	80.8	316	1,565	4,872	798	596	22.2	374	31.0
1988		116.2	117.9	331	2,547	13,778	1,240	656	23.1	512	36.0
1989		118.9	129.1	395	1,951	13,313	1,656	673	26.4	528	40.8
1987	I	67.3	63.3	316	1,274	3,671	744	470	21.6	317	31.0
	II	72.8	69.2	317	1,428	4,256	825	625	21.4	350	31.0
	III	80.6	79.5	310	1,737	5,131	796	656	22.2	400	31.0
	IV	92.9	111.2	320	1,822	6,430	827	633	23.7	430	31.0
1988	I	104.2	111.1	318	2,222	10,745	911	656	23.5	460	36.0
	II	122.8	109.9	324	3,025	16,875	1,203	664	22.8	523	36.0
	III	112.0	103.5	341	2,557	13,553	1,291	610	22.3	525	36.0
	IV	125.7	147.2	341	2,382	13,940	1,556	692	23.9	538	36.0
1989	I	133.8	147.4	372	2,217	17,821	1,874	628	26.4	550	41.5
	II	120.8	127.0	470	2,100	13,620	1,606	639	26.5	550	40.8
	III	113.4	123.2	406	1,757	12,136	1,655	706	25.7	513	40.5
	IV	107.5	119.0	331	1,730	9,676	1,489	718	27.1	497	40.5
1990	I	102.0	111.1	292	1,516	7,767	1,451	848	29.7	487	40.5

Source: Commodities Division, IMF Research Department.

^²London Metal Exchange (LME) price, c.i.f. European ports.

^³Brazilian ore, c.i.f. German ports.

^⁴Cold rolled coil, price for export, f.o.b. European Coal and Steel Community mills.

^⁵Moroccan 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

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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Primary Commodities

Market Developments and Outlook

Author:

International Monetary Fund

ISBN:: 9781557751461

ISSN:: 0258-7440

Publication Date:: 15 Sep 1990

Publisher:: International Monetary Fund

DOI:: https://doi.org/10.5089/9781557751461.083

Pages:: 43

Front Matter

Back Matter

Statistical Appendix
World Economic and Financial Surveys

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

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

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

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