U.S. had surplus in trade
(N.Z. Press Association—Copyright)
WASHINGTON, January 29.
The United States finished 1973 with a surplus in its foreign trade of SUSI7OOm, the first trade surplus in three years, the Government reported yesterday.
The surplus was buoyed by a record monthly trade surplus of SUS 942 million in December. Exports shot to record high levels during the month while imports declined substantially, except for oil.
The Commerce Department said that United States exports for all of 1973 amounted to SUS7O,BOO million, a 44 per cent increase over 1972, while imports amounted to $U569,120 million, up only 24 per cent over 1972.
This year’s surplus compares with a SUS64OO million deficit in 1972 and a deficit of 5U52000 million in 1971. The main factor contributing to the big turnaround in the country’s trade, Government economists said, was two devaluations of the United States dollar, which made United States goods cheaper overseas and foreign goods more expensive in this country.
The devaluations occurred in December, 1971, and February, 1973.
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Bibliographic details
Press, Volume CXIV, Issue 33446, 30 January 1974, Page 17
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170U.S. had surplus in trade Press, Volume CXIV, Issue 33446, 30 January 1974, Page 17
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