Balance of Payments of the U.S.S.R., 1959-60
Author:
Mr. Marcello Caiola
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Publication Date:
01 Jan 1963
eISBN:
9781451947151
Language:
English
Keywords:
SP; market; rate; balance of payments data of the U.S.S.R.; U.S.S.R. to country; U.S.S.R. source; swing credit; pipeline credit agreement; Credit; Loans; Trade balance; Gold
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THIS PAPER presents the available information on the transactions of the U.S.S.R. with the countries of the Soviet area1 and with the rest of the world during 1959-60. It is a continuation of a study published in the March 1962 issue of Staff Papers,2 which covered Soviet international transactions for 1955-58. The presentation and methods of estimation used here are the same as those employed in the previous paper, where they are described in more detail. All the figures in this paper are in U.S. dollars. On January 1, 1961, the par value rate of the ruble was modified from 1 old ruble = US$0.25 to 1 new ruble = US$1.11. Ruble figures shown in U.S.S.R. sources published after January 1, 1961 are expressed at the new rate, and for the purpose of this paper they have been converted into U.S. dollars at that rate.

Abstract

THIS PAPER presents the available information on the transactions of the U.S.S.R. with the countries of the Soviet area1 and with the rest of the world during 1959-60. It is a continuation of a study published in the March 1962 issue of Staff Papers,2 which covered Soviet international transactions for 1955-58. The presentation and methods of estimation used here are the same as those employed in the previous paper, where they are described in more detail. All the figures in this paper are in U.S. dollars. On January 1, 1961, the par value rate of the ruble was modified from 1 old ruble = US$0.25 to 1 new ruble = US$1.11. Ruble figures shown in U.S.S.R. sources published after January 1, 1961 are expressed at the new rate, and for the purpose of this paper they have been converted into U.S. dollars at that rate.

THIS PAPER presents the available information on the transactions of the U.S.S.R. with the countries of the Soviet area1 and with the rest of the world during 1959-60. It is a continuation of a study published in the March 1962 issue of Staff Papers,2 which covered Soviet international transactions for 1955-58. The presentation and methods of estimation used here are the same as those employed in the previous paper, where they are described in more detail. All the figures in this paper are in U.S. dollars. On January 1, 1961, the par value rate of the ruble was modified from 1 old ruble = US$0.25 to 1 new ruble = US$1.11. Ruble figures shown in U.S.S.R. sources published after January 1, 1961 are expressed at the new rate, and for the purpose of this paper they have been converted into U.S. dollars at that rate.

The balance of payments data of the U.S.S.R. are given in Table 1 which is divided into two sections: identified transactions (Section I) and unidentified transactions (Section II). For some items, both sides3 of the transactions have been identified; for others, only one side. Where only one side has been identified, the other side is entered in Section II. There are undoubtedly instances where both sides of a transaction have been identified (and thus entered in Section I) but have not been recognized as the two sides of the same transaction. For example, gold may have been sold to finance the trade deficit. In such instances, both sides of the transaction appear in Section II as well as Section I. Finally, for transactions where neither side has been identified, there are no entries in either section.

Table 1.

U.S.S.R.: Balance of Payments, 1959-60 1

(In millions of U.S. dollars)

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No sign indicates credit; minus sign indicates debit.

Merchandise Transactions 4

Data for Soviet merchandise transactions are derived from statistics in rubles published by the U.S.S.R. Ministry of Foreign Trade. The data have been converted into U.S. dollars at the official exchange rates given above. Goods supplied as free aid are excluded from the trade figures. Export figures derived from trade statistics have been adjusted to include identified shipments of military equipment to underdeveloped countries.

Total Soviet foreign trade, i.e., exports plus imports, increased from $8.6 billion in 1958 to $11.2 billion in 1960; 70 per cent of the total trade in 1960 was with other countries of the Soviet area. In that year, trade with Mainland China dropped sharply, presumably as a result of China’s difficulties in fulfilling the trade agreements of previous years. However, as a buyer of Soviet goods, Mainland China still ranked second only to Eastern Germany. Among the countries outside the Soviet area, the chief purchasers of Soviet commodities in 1960 were the United Kingdom, Finland, the Federal Republic of Germany, Italy, Japan, and Cuba. Russia’s total trade with Cuba during that year amounted to $174 million, against $7 million in 1959.

Data on Soviet trade analyzed by the method of financing adopted are given in Table 2. The residual item for countries of the Soviet area represents the trade balance after adjustments, which in principle is supposed to be settled through either bilateral or multilateral payments agreements; for countries outside the Soviet area, the residual item represents unidentified transactions. The figures for payments agreements are hypothetical, based on the assumption that trade with countries with which the U.S.S.R. had such agreements was settled through those agreements to the greatest extent possible under the provisions for swing credits or overdrawn swing credits. The residual figures for Soviet trade with the countries of the Soviet area show surpluses of $289.7 million for 1959 and $186.5 million for 1960. Available data for U.S.S.R. trade with countries of the Council of Mutual Economic Assistance (CMEA)5 show surpluses of $324.0 million for 1959 and $175.7 million for 1960; however, the trade statistics of Poland and Eastern Germany show figures for Soviet exports to their respective countries that are smaller, by a total of $34.1 million for 1959 and $123.7 million for 1960, than those given in the U.S.S.R. sources. Soviet trade with the Asian countries of the Soviet area, including Mainland China, resulted in a deficit of $34.3 million for 1959 and a surplus of $10.8M million for 1960. Trade relationships between the U.S.S.R. and Mainland China are covered in a separate section of this paper.6

Table 2.

U.S.S.R.: Merchandise Transactions, by Area and by Method of Financing, 1959-60

(In millions of U.S. dollars)

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Available data on trade with countries outside the Soviet area seem to show a considerable worsening of the Soviet trade balance in 1960. The balance shows net payments, either in foreign exchange or through payments agreements, estimated at $305.0 million, against net receipts of $42.2 million in 1959.

Transactions in Invisibles

This group of items covers transactions in invisibles of the Soviet Union with the Soviet area and the rest of the world (Table 3).

Table 3.

U.S.S.R.: Balance of Payments Transactions in Invisibles, 1959-60 1

(In millions of U.S. dollars)

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No sign indicates credit; minus sign indicates debit.

Freight on International Shipments 7

In recent years, the U.S.S.R. has built or purchased several new cargo vessels, and its merchant fleet is estimated at 3 million gross register tons, representing 3 per cent of world tonnage. Under a 1956-60 plan, the shipping fleet was to be increased from 2.4 million tons to 4 million tons. The Soviet Union has been building extensively in its own shipyards and has also placed orders for ships with shipyards of Soviet area countries and Western countries. Shipping on charter to Soviet area countries has diminished as a result of efforts by the U.S.S.R. to carry a greater share of its imports and exports in its own ships. Freight carried by Russian ships has been estimated at 33.7 million tons for 1950, 65.7 million tons for 1957, and 75.9 million tons for 1960.

In this paper, it is assumed that Soviet payments for freight on imports from countries outside the Soviet area amounted to 6 per cent of imports f.o.b.

Interest on Loans Extended

This item covers estimates by the author on interest received by the U.S.S.R. on long-term credits granted to countries of the Soviet area and the rest of the world. The interest rates charged varied from 2 per cent to 2.5 per cent; in some cases, the credits were extended free of interest.

Interest on Loans Received 8

The entries for this item cover payments by the U.S.S.R. to the United States ($5.6 million for 1959 and $5.2 million for 1960) on lend-lease aid extended under the pipeline credit agreement of October 15, 1945; to the United Kingdom ($0.2 million for 1959 and also for 1960) under the terms of the December 1947 agreement; and to Sweden ($3.0 million for 1959 and also for 1960) on loans received in 1946-52.

Transfer Payments and Long-Term Capital

Transfer payments and other movements of capital, including credits by the U.S.S.R. to countries of the Soviet area and to the rest of the world, are summarized in Table 4.

Contributions to United Nations, UN Agencies, and UN Technical Assistance Program 9

Details of Soviet contributions to the United Nations and its specialized agencies and to the UN Technical Assistance Program (UNTAP) are given in Table 5. Payments were made in U.S. dollars, or other free currencies, except that those to the UN Children’s Fund (UNICEF) and the UNTAP were made in rubles.

Table 4.

U.S.S.R.: Transfer Payments and Long-Term Capital, 1959-60

(In millions of U.S. dollars)

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The entry covers the cancellation of Soviet Union claims on North Korea arising from credits granted before 1960. This transaction is recorded in the balance of payments as a decrease in Soviet Union long-term assets (credit) offset by a grant to North Korea (debit).

Table 5.

U.S.S.R.: Contributions to United Nations and UN Agencies and to UN Technical Assistance Program, 1959-60 1

(In thousands of U.S. dollars)

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Including the shares of Byelorussian S.S.R. and Ukrainian S.S.R.

Economic Relations with Mainland China10

In April 1961, the Governments of the U.S.S.R. and Mainland China signed an agreement on the settlement of China’s trade deficit with the U.S.S.R. The agreement provides that the deficit, which is estimated at $320 million, should be repaid in annual installments of 8 million rubles ($8.88 million) beginning in 1962. It mentions that Soviet claims originate from China’s failure to meet export commitments to the U.S.S.R. in 1960. However, Soviet trade statistics for that year show a favorable balance for China; hence, it is reasonable to assume that the agreement refers to a cumulative deficit over a period of several years. The quoted figure of $320 million seems to agree with statistics that are available on trade between the two countries.

Table 6.

U.S.S.R.: Trade with Mainland China

(In millions of old rubles)

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Sources: For 1950-54, item 23 in the bibliography (p. 342); for 1955-61, item 41.

Table 6 shows that the period 1950-60 ended with a Soviet surplus of 1,377 million old rubles, equivalent to $344 million, a figure of roughly the same magnitude as the one covered by the agreement. Trade relations between the two countries show an accumulation of Soviet claims up to the end of 1955; beginning in 1956, Soviet imports from Mainland China were larger than exports to that country. Soviet trade statistics for 1961 show a sharp decline in Russian trade with Mainland China and a balance in favor of China of $182.3 million, presumably intended to reduce the trade deficit.

During 1959-60, the U.S.S.R. did not grant credits to Mainland China. In this paper, data on repayments by China refer only to repayments on the credits received in 1950 and 1954.

Economic Relations with Countries of the Soviet area, excluding Mainland China

Credits extended11

Long-term credits extended by the U.S.S.R. to countries of the Soviet area, excluding Mainland China, are estimated at $116.5 million for 1959 and $543.8 million for 1960 (Tables 7 and 8). Of the total, $254.0 million was granted to Eastern European countries and $406.3 million to Asian countries. The commitments cover loans for economic development and technical assistance. No credits in gold or foreign exchange were extended in either of the two years.

Table 7.

U.S.S.R.: Long- Term Economic Credits, Extended to Countries of the Soviet Area, Excluding Mainland China, 1959-60

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Table 8.

U.S.S.R.: Long -Term Economic Credits to Countries of the Soviet Area, Excluding Mainland China, 1959-60

(In millions of U.S. dollars)

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Estimates exclude repayments by North Korea which were postponed under the terms of an agreement of October 13, 1960.

Drawings on credits accorded in previous years are estimated at $203.7 million for 1959 and $248.2 million for 1960. These figures have been estimated by assuming, for economic development loans, that deliveries of material and equipment for complete enterprises, as shown in category 16 of the trade statistics published by the U.S.S.R., cover the shipment of commodities financed by credits and that services so financed amounted to an equal value. The figures so derived are not very different from those that could be derived by assuming that drawings were made in equal installments during the period of the agreements. (The figures based on the second method are $209.3 million for 1959 and $186.1 million for 1960. The difference for 1960 is almost entirely in respect of Bulgaria, for which the U.S.S.R. trade statistics show large deliveries of equipment and material for complete enterprises.) For credits extended to finance Soviet deliveries of consumer goods, as in the credit to Poland, it is assumed that drawings were made in equal annual installments during the period of the agreement.

For repayments, it has been assumed that they were made in equal installments during the period of the agreement. Repayments on loans extended by the U.S.S.R. to North Korea are not included in this paper, since they were postponed under the terms of an agreement of October 13, 1960.

On December 31, 1960, the U.S.S.R. agreed to postpone the repayment of $40 million due from Bulgaria in 1961-63. The agreement was announced on January 1, 1961, together with a credit of $162.5 million for economic development.

Some of the details of the 1960 agreements between the U.S.S.R. and the Soviet area countries, excluding Mainland China, are given in Appendix A (pp. 336-38).

Grants and other assistance given12

The U.S.S.R. made a donation equivalent to $5.0 million to North Viet-Nam to fight malaria. The grant was made on December 23, 1960 and presumably was not utilized by the end of that year.

On October 13, 1960, the U.S.S.R. canceled a North Korean debt of 760 million rubles arising from previous credits and postponed the repayment of 140 million rubles. The total of 900 million rubles ($225 million) appears high, since identified economic credits to North Korea amounted to $82.5 million as of the date of the above agreement. The difference may possibly represent military aid.

Economic and Military aid to Countries Outside the Soviet Area

Economic credits13

During 1959 and 1960, the U.S.S.R. continued its policy of assistance to underdeveloped countries by extending economic credits valued at $1.7 billion, an amount equal to total economic assistance by the U.S.S.R. to countries outside the Soviet area from the end of World War II through 1958. Some of the new credits were granted for specific projects, such as the Aswan Dam in the United Arab Republic and the Volta project in Ghana. Others were extended for general economic development, and separate protocols specify the projects to be financed. The period envisaged for the utilization of the new loans varies from 4 to 8 years; the period of repayment is usually 12 years, and the interest rate 2.5 per cent. Details for 1959 and 1960 on the economic credits extended by the U.S.S.R. to countries outside the Soviet area are given in Table 9; and data on commitments, drawings, and repayments on economic loans during the same period are presented in Table 10.

Table 9.

U.S.S.R.: Long-Term Economic Credits Extended to Countries Outside the Soviet Area, 1959-60

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Some sources report this loan in 1959.

Or April 1960.

According to some sources, part of the loan of $80 million to Afghanistan will be made from the proceeds of the sales of Russian wheat. The U.S.S.R. shipped some 40,000 tons of wheat to Afghanistan in 1959 and an additional 50,000 tons in 1960. The data on drawings and repayments given for Afghanistan in Table 10 are based on official Afghan publications and estimates of the author.

Table 10.

U.S.S.R.: Long-Term Economic Credits to Countries Outside the Soviet Area, 1959-60

(In millions of U.S. dollars)

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The loan of $100 million to Argentina has been reported by the United Nations; other sources mention that in January 1960 the Governments of the U.S.S.R. and Argentina reached an agreement whereby Argentina, under the 1958 oil agreement, may use $50 million to import commodities other than oil-drilling equipment. According to official Argentine sources, no deliveries have been made under the oil agreement; however, the U.S. Department of State estimates that drawings amounted to $18 million by December 31, 1960. In this paper, the figures for drawings cover the deliveries of oil-drilling equipment, as shown in Russian trade statistics.

The 1960 credit to Cuba was announced at the same time as an agreement for the sale of Cuban sugar to the U.S.S.R. The Soviet Union agreed to purchase 1 million tons of sugar each year for five years. Only one fifth (200,000 tons) will be paid for in U.S. dollars; the balance will be applied against Cuban purchases in the U.S.S.R. of Soviet products. No data are available on deliveries under the agreement.

Drawings on the loan to Ethiopia cover disbursements of convertible currency in connection with the land reform. For India, some sources mention an additional loan in 1959 in connection with the construction of an oil refinery. This loan has not been included in the present study, however, because further details are lacking. For Indonesia, the United Nations reports a credit of $100 million from the U.S.S.R. in 1959; however, in other sources, the agreement is reported to provide for only $17.5 million, to be utilized by 1962. Soviet sources indicate a loan of $250 million granted to Indonesia in 1960. It is probable that the last total includes the $100 million credit indicated by the United Nations. It is most likely that negotiations began in 1959 but that the final agreement was reached in 1960.

Drawings on loans to the Syrian Arab Republic cover only the shipment of material and equipment for complete enterprises, as shown in the Russian trade statistics. In addition, Soviet technicians have been very active in Syria, although the value of such assistance cannot be analyzed by years. U.S. sources estimate that total drawings amounted to $25 million by the second half of 1960; therefore, the entries in Table 10 may be underestimates.

The entries in Table 10 for drawings on loans to the United Arab Republic (U.A.R.) cover the deliveries of material and equipment for complete enterprises, as reported in the Russian trade statistics ($15.7 million for 1959 and $15.8 million for 1960), plus an equal amount for technical assistance. According to U.A.R. sources, drawings on Russian credits amounted to $91.2 million by the end of March 1961; the difference between this amount and that given in Table 10 may reflect, at least in part, the amount utilized during the first quarter of 1961.

Technical assistance

Soviet technical assistance to underdeveloped countries has increased in the last few years. This form of aid has been extended by providing Soviet technicians to work in the receiving country, and by granting scholarships to students and workers of the less developed countries. Some of the details of the agreements are given in Appendices B and C (pp. 338-41).

Military aid14

The value of military credits extended by the U.S.S.R. to underdeveloped countries is estimated at $11 million in 1959 (to Indonesia) and $373 million in 1960 ($300 million to Indonesia, $68 million to Iraq, $4 million to Morocco, and less than $500,000 to the Sudan). These estimates do not include military credits to Cuba. Neither do they include military aid granted by other countries of the Soviet area. Equipment delivered under the terms of agreements for these and previous years is estimated at $120 million for Iraq in 1959 and $11 million for Indonesia in 1960. In this paper, it is assumed that repayments on military credits extended in previous years were made by the U.A.R. ($31.5 million in 1959 and also in 1960), and by the Syrian Arab Republic ($5.0 million in 1959 and also in 1960).

Grants15

Identified grants by the Soviet Union to countries outside the Soviet area cover shipments of wheat to Afghanistan ($2.0 million for 1989 and $2.5 million for 1960) and Yemen ($0.5 million for 1959), and the construction of a hospital in Cambodia ($0.4 million for 1959 and $1.1 million for 1960) and a technical school in Ethiopia ($1.8 million for 1959). In addition, the U.S.S.R. made other donations, for which value data are not available. Some of these transactions are outlined in Appendices B and C.

Credits Received by U.S.S.R.

Credits from Western countries16

In recent years, the U.S.S.R. has solicited credits from Western countries to help to finance the purchase of industrial equipment. Trading agencies of the Soviet Union have obtained credit facilities from private banks in Western European countries. Under the terms of the credits, the Soviet Union pays 20 per cent of the cost during the period between the placing of the order and the conclusion of the first tryout of the equipment in the U.S.S.R. The remaining 80 per cent of the purchase value is paid over a period of five to ten years.

Repayments on loans received17

This item (Table 4) covers repayments by the U.S.S.R. to the United States ($3.6 million in 1959 and $3.8 million in 1960) on lend-lease aid extended under the pipeline credit agreement of October 15, 1945, and to the United Kingdom ($9.3 million in 1959 and also in 1960) under the terms of the December 1947 agreement. In addition, in August 1960, the U.S.S.R. paid in advance a first installment of $7.1 million on a loan of SKr 1 billion, which had been received from Sweden in 1946-52; repayments were not due until 1961.

Austrian reparations18

Estimates for Austrian reparations are derived from data on the Austrian balance of payments. The figures in Table 4 cover deliveries by the U.S.S.R. to Austria under the terms of the 1958 agreement ($8.5 million in 1959 and $10.0 million in 1960) and deliveries of goods to the U.S.S.R. under the terms of the 1955 State Treaty ($47.2 million in 1959 and $41.0 million in 1960). It is assumed that the deliveries of goods are included in the Soviet figures for imports.

Selected Monetary Movements

Section I.C of Table 1 presents identified changes in the Soviet Union’s liabilities in rubles, sales of gold, and other monetary transactions. The entries for liabilities in rubles represent the increases in U.S.S.R. liabilities as a result of contributions to the UN Technical Assistance Program (UNTAP) and the United Nations Children’s Fund (UNICEF). Sales of gold cover shipments of gold to Western countries.19 Net gold production (i.e., nonmonetary gold) and the offsetting additions to official gold holdings have been omitted from Table 1. Other transactions cover Soviet repayments in free exchange on loans received from the United States, the United Kingdom, and Sweden ($12.9 million in 1959 and $20.2 million in 1960), interest payments to the United States and the United Kingdom20 ($5.8 million in 1959 and $5.4 million in 1960), and payments of contributions to the United Nations and its agencies ($15.4 million in 1959 and $12.0 million in 1960).

Unidentified Transactions

Section II of Table 1 covers the offsets to transactions in Section I that have no contra-entries.21

Settlement of trade balances covers the residuals shown in Table 2. There is evidence that the trade surplus or deficit of the U.S.S.R. with countries in the Soviet area is settled by additional shipments of goods in the following years rather than by payments in convertible currencies. On the other hand, trade balances with the rest of the world are presumably settled either through payments agreements or in convertible currencies.

The offset to gold and foreign exchange loans represents cash disbursements or repayments in connection with credits granted by the U.S.S.R. The entry for countries outside the Soviet area covers a free exchange disbursement to Ethiopia; the entries for the countries of the Soviet area are derived from the details shown in Table 8. These transactions have either increased (debit) or decreased (credit) holdings of foreign exchange by the U.S.S.R.

APPENDICES

A. Economic and Technical Assistance Agreements Between U.S.S.R. and Countries of the Soviet Area, Excluding Mainland China, 1960

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B. Economic and Technical Assistance Agreements Between the U.S.S.R. and Countries Outside the Soviet Area, 1959

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Data is uncertain.

C. Economic and Technical Assistance Agreements Between the U.S.S.R. and Countries Outside the Soviet Area, 1960

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*

Mr. Caiola, economist in the Balance of Payments Division, graduated from the University of Rome and did postgraduate work at Indiana University.

1

As used in this paper, the Soviet area comprises Albania, Bulgaria, Mainland China, Czechoslovakia, Eastern Germany, Hungary, North Korea, Outer Mongolia, Poland, Rumania, and North Viet-Nam.

2

Vol. IX, No. 1, pp. 1—36.

3

The balance of payments is a double-entry system of accounts, in which each transaction is reflected in two entries, which are mutually offsetting. For example, a merchancdise export must be matched by an import of goods or services, a transfer payment abroad, a decrease in liabilities, or an increase in foreign assets or gold.

4

Sources: 11, 35, and 41. (The numbers refer to publications listed in the bibliography, pp. 342-43.)

5

For an explanation of this Council, see Caiola, op. cit., p. 5.

6

See page 327 below.

7

Sources: 7, 25, and 26.

8

Sources: 29 and 37.

9

Sources: 12, 31, 32, 33, 34, and 46.

10

Sources: 13, 19, 23, 41, and 45.

11

Sources: 3, 6, 21, 39, 41, and 44.

12

Source: 3.

13

Sources: 1, 2, 3, 4, 8, 10, 14, 15, 17, 18, 20, 22, 24, 30, 36, 38, 40, and 41.

14

Sources: 14, 24, 40, and 42. British sources substantially agree with the estimates in the sources quoted here.

15

Sources: 1, 3, 5, 8, and 43.

16

Source: 36.

17

Sources: 10, 16, 27, 28, 29, and 37.

18

Source: 10.

19

Source: 9.

20

Interest on the loan from Sweden was paid in commodities.

21

For a description of Section II, see Caiola, op. cit; p.30.

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  • Vneshnyaya Torgovlya Soinza SSR, Statisticheskii Obzor (Moscow, annually) .

  • Whaley-Eaton Service, Foreign Letter (Washington), No. 2190 (April 4, 1961), p. 1.

  • “Wheat Grant to Afghanistan from U.S.S.R.,” Middle East Economic Digest (London), March 11, 1960.

  • Wohl, Paul, “Outer Mongolia Emerges into World Limelight: Keyhole for U.S. on Communist Bloc,” The Christian Science Monitor (Boston), April 24, 1961, p. 11.

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  • Wolpert, V., “China—Decrease in Soviet Trade,” Far Eastern Economic Review (Hong Kong), Vol. XXXIV, No. 12 (December 21, 1961), p. 546.

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  • World Meteorological Organization, Annual Reports (Geneva).

Balance des paiements de TU.R.S.S., 1959-60

Résumé

Cet article a pour objet de présenter les renseignements disponibles sur les transactions de TU.R.S.S. avec les pays de la zone soviétique et le reste du monde pour 1959—60. I1 succède à l’article paru dans l’édition des Staff Papers de mars 1962 qui portait sur les transactions internationales soviétiques pendant la période 1955-58. La présentation et les modes d’évaluation sont les mêmes que ceux dans l’article précédent où ils sont décrits plus en détail.

Le commerce international total de I’U.R.S.S., c’est-à-dire les exportation et les importations, qui était de $8,6 milliards en 1958 a atteint $11,2 milliards en 1960; 70 pour-cent de ce dernier chiffre correspond à des transactions avec d’autres pays de la zone soviétique. Les engagements de TU.R.S.S. résultant de Toctroi de crédits économiques à long terme à des pays exterieurs a la zone soviétique ont atteint environ $2,6 milliards à la fin de 1960; toutefois, une faible proportion seulement de ces crédits a été utilisée jusqu’à présent. En 1960, les nouveaux prêts accordés à d’autres pays de la zone soviétique ont augmenté substantiellement en comparaison avec les nouveaux engagements de 1958 et 1959. L’U.R.S.S. a continué d’expédier de fortes quantités d’or aux pays occidentaux pour les vendre en échange de monnaie convertible; en outre, elle a reçu de pays occidentaux plusieurs crédits commerciaux dont le montant est inconnu.

Balanza de pagos de la U.R.S.S., 1959-60

Remmen

Este estudio presenta los datos disponibles sobre las transacciones efectuadas por la U.R.S.S. con los países del área soviética y con el resto del mundo durante el periodo 1959-60. Este artículo es la continuación del estudio publicado en el número de Staff Papers correspondiente a marzo de 1962, que abarcaba las transacciones internacionales soviéticas durante 1955-58. Tanto la presentación como los métodos de estimatión utilizados aquí son los mismos que se usaron en el artículo anterior, en el cual se hacía una descriptión más detallada.

El monto total del comercio international de la U.R.S.S., es decir, de las exportaciones e importaciones en conjunto, aumentó de una cifra de US$8,600 millones en 1958 a US$11,200 millones en 1960, a༝o en que el 70 por ciento de ese comercio se llevó a cabo con los otros países del área soviética. Los compromisos de la U.R.S.S. originados en créditos económicos a largo plazo concedidos a países fuera del área soviética alcanzaron, a finales de 1960, una cifra aproximada a US$2,600 millones; no obstante, hasta la fecha solamente se ha utili-zado una pequeña porción de estos créditos. Durante 1960, también aumentaron substancialmente los nuevos créditos otorgados a otros países del área soviética, si se les compara con los nuevos compromisos adquiridos en 1958 y 1959. La U.R.S.S. siguió embarcando grandes cantidades de oro a los países occidentales con el fin de ven-derlas contra monedas convertibles y, además, recibió de éstos varios créditos comerciales cuyo valor se desconoce.

In the tables throughout this issue, and in the English text of the papers

Dots (...) indicate that data are not available;

A dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;

A single dot (.) indicates decimals;

A comma (,) separates thousands and millions;

“Billion” means a thousand million;

A hyphen (-) is used between years or months (e.g., 1955-58 or January-October) to indicate a total of the years or months inclusive of the beginning and ending years or months;

A stroke (/) is used between years (e.g., 1962/63) to indicate a fiscal year.

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Cover IMF Staff Papers
IMF Staff Papers: Volume 10, No. 2
Author:
International Monetary Fund. Research Dept.
Volume/Issue:
Volume 1963: Issue 002
Publisher:
International Monetary Fund
ISBN:
9781451947151
ISSN:
1020-7635
Pages:
126
DOI:
https://doi.org/10.5089/9781451947151.024