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International Monetary Fund

is obliged to buy sugar from refiners who have paid growers the minimum producer prices; the JRSSPSC resells the sugar lo the same refiners (in a book transaction) at a lower price, which is comparable to the price of sugar made from imported raw sugar. The loss on this operation may be regarded as a deficiency payment and is financed from JRSSPSC levies and from the Governments budget. The production of high fructose corn syrup (HFCS) is also regulated by production quotas, variable levies, and surcharges. Canada The programs are the Western Grain

Ms. Naheed Kirmani, Mr. Lorenzo L. Pérez, Mr. Shailendra J. Anjaria, and Mr. Zubair Iqbal

imports, other than those from some developing countries under the Lomé Convention and the German Democratic Republic, are subject to variable import levies based on threshold prices. The effect has been to virtually block such supplies. United States At the end of 1974, taking the opportunity presented by very high sugar prices, the U.S. Government dismantled the import quota system that had been in effect for several decades. The only restriction retained was an import tariff on raw sugar imports of 0.6250 U.S. cents per pound (equivalent to about 3 per cent

Mr. Hans P Lankes and Miss Katerina Alexandraki

2. Contribution of Major Export Products to Preference Margin 3. Percentage Loss in Total Exports 4. Losses from Preference Erosion in a Macroeconomic Context Figures 1. Impact on Export Value: 40 Percent Cut in Preference Margin 2. Share of Products in Total Preference Margin 3. Middle-Income Countries: Diversification of Export Markets 4. Preference Margins with Tariff Quotas 5. Banana Prices 1997–2003 6. Raw Sugar Prices 1984–2003 7. EU Sugar Quotas for ACP Countries under the SPS and World Sugar Prices Appendices I. Quad Peferences

International Monetary Fund

Liabilities 23. External Payments Arrears 24. Sugar Statistics 25. Production of Raw Sugar by the State Sugar Council (CEA) 26. Sugarcane Milled and Production of Raw Sugar by Companies 27. Distribution of Profits of CEA 28. CEA’s Cost of Production of Raw Sugar 29. Allocation Under the U.S. Quota System 30. Oil Imports by Products and Importers 31. Sales of Oil Derivatives by REFIDOMSA 32. Prices of Oil Derivatives at the Pump, 1981–95 33. Taxation of Oil Derivatives 34. Parameters of the Oil Price Differential 35. The Taxation of Oil Products and

International Monetary Fund. African Dept.

portion of relatively small exports (exports less than $1 million), accounting for about three quarters of exports in 2014, although the share has gradually declined over the years. However, large export items dominate in export receipts: the share of top 10 products has increased markedly since 2010, and stood at 68 percent as of 2014. The two largest export items are “Synth. perfume & flavour materials” (which includes Coca-Cola concentrates) and “raw sugar, beet & cane”. They also contributed to the jump in the trade share of top 10 products in 2010. Number of