ECONOMIC

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TABLE C-89.— U.S. merchandise exports and imports by commodity groups, 1958-73Year or quarterTotal, includingreexports *Merchandise exports iTotal 2 3[Millions of dollars]Domestic exportsSeasonallyadjustedUnadjustedFood,beverages,and tobaccoCrudematerialsandfuels*Manufacturedgoods*Total 3Merchandise importsSeasonallyadjustedUnadjustedGeneral imports«Food,beverages,and tobaccoCrudematerialsandfuels*Manufacturedgoods 5Grossmerchandisetradebalance,seasonallyadjusted7195819591960196119621963196419651966196719681969 .19701971197219731971: 1IIIIIIV1972: 1IIIIIIV1973: 111IIIIV11,23910,96611,6759,72611,76711,67312,44713,34715,40716,86618, 33520,17816,37516,42619,65920, 22620,98622,46725,83226,74229, 49031, 03034,06337,33242,65943,54949,21970,79811,11611,40610,92410,10311,89012,04011,57413,71415, 52017,44017, 07220,76616,21116,24319,45919,98220,71722,18225,47926,39929,05430,64633,62636,78842,02542,91148,41969,70710,96211,22210,7779,95011,72411,82611,37613,49315, 28617,13616, 80820,4772,6882,8523,1673,4663,7434,1884,6374,5195,1864,7104,5924,4465,0585,0766,56912,9391,2951, 2191,3361,2251,4161,4321,6252,0952,3842,7703,5574,2283,0522,9963,9423,8643,3563,7754,3374,2734,4044,7264,8655,0066,6926,4417,09110,7381,6891,6741,5691,5091,7041,6881,5362,1632,5712,7442,2223,20111, 54711,17912,58312, 78413,66814, 29716,52917, 43319, 21820,84423,81826,78529,34330,44333, 75944,7037,7388,0467,6497,0108,3408,4308,0148,97510,06511,25010,71612,67110,79911,74711,95811,03013,42413,37013,90314, 88816,25816,84817,35818,62313, 39215,69015,07314,76116,46417,20718,74921,42725,61826,88933,22636,04339,95245, 56355, 58369,12110,51812,00311,77811,26413,30213,74313, 53215,00615,96517,28316,93618,9383,5503,5803,3923,4553,6743,8634,0224,0134,5904,7015,3655,3086,2306,4047,3799,1991,4921,7061,8951,3111,8101,7691,8071,9932,0842,3172,1882,6104,1644,6154,4184,3344,6914,7555,0295,4405,7185,3676,0316,3916,5427,2688,83813, 3431,6261,8361,9281,8792,1302,1052,1952,4082,7773,0633,3174,1865,3117,1176,8636,5377,6498,0709,10611,24414,44615, 75620,62423,01125,90630,41437,76744,7887,0518,0847,5897,6908,9859,4789,13510,16910,66211,46910,97711,6822,9837364,5865,4654,5225,2607,0835,3153,8724,1418371,2892,708-2,0146,3641,677440-782-283-1,304-1,657-1,697-1,456-1, 540-851189771,5551 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Totals exclude Department of Defense shipments of grant-aid military supplies and equipment under the MilitaryAssistance Program.3 Total includes commodities and transactions not classified according to kind.* Includes fats and oils.'includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these itemsinclude military grant-aid shipments.• Total arrivals of imported goods other than intransit shipments.7 Exports, excluding military grant-aid, less general imports; quarterly data seasonally adjusted.Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separatelyprior to 1969. Export statistics cover all merchandise shipped from the U.S. customs area, except supplies for U.S. ArmedForces. Export values are f.a.s. port of export and include shipments under Agency for International Development andFood for Peace programs as well as other private relief shipments. Import values are defined generally as the marketvalue in the foreign country, excluding the U.S. import duty and transportation costs such as ocean freight and marineinsurance.Source: Department of Commerce, International Economic Policy and Research.352
TABLE C-90.— U.S. merchandise exports and imports by area, 1967-73IMillions of dollars]Area 1967 1968 1969 1970 1971 1972 1973Exports (including reexports and special categoryshipments): Total...Developed countries..Developing countries..Canada *Other Western Hemisphere..Western Europe 2Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries iGeneral imports: Total.Developed countries..Developing countries..CanadaOther Western Hemisphere.Western Europe 2Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries *31,62221,4679,9607,1724,71810,1871957,1501,0181,18226,88918,9937,7097,1404,6628,0521775,34958334,63623,60010,8218,0725,33911,1322157,5821,0261,26933,22624,1308,8869,0055,14310,1391986,911697920 1,122638,00626,47911,2779,1375,57612,3922498,2619981,39236,04326, 4609,37310,3845,16310,1381958,2758281,0461143,224 44,130 49,778 71,31430,877 30,335 34, 319 47,17712,993 13,410 14, 576 20,9739,079 10,365 12,415 15, 0736,532 6,484 7,275 9,93114,463 14,178 15,361 21, 361354 384 819 1,79710,028 9,855 11,297 18,4261,189 1,168 1,034 1,7441,579 1,694 1,576 2,307167745, 563 55, 583 3 69,12133, 744 40, 822 48,09411,549 14,356 19,46112,691 14,927 17,4436,038 7,003 9,33812,658 15,423 19,162223 321 51911,779 15,117 17,775895 1,145 1,5541,236 1,595 2,35024 41 51 3 98139,95229,25910,44211,0925,83611,1692269,6218711,113121 Beginning January 1973, transshipments of certain grains and oilseeds through Canada are shown as exports to unidentifiedcountries.2 Includes Finland, Yugoslavia, Greece, and Turkey.3 Beginning November 1973, crude petroleum imports are not available by country of origin, but are included in thetotal and in unidentified countries.* Consists of certain low-valued shipments not identified by country.Note.—Developed countries include Canada, Western Europe, Japan, Australia, New Zealand, and the Republic ofSouth Africa. Developing countries include rest of the world except Communist areas in Eastern Europe and Asia andunidentified countries.Source: Department of Commerce, International Economic Policy and Research.353
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ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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of the inflation rate of 1973, and
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or permit incentives—including hi
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people of an easy time. Like our pa
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 3. INFLATION CONTROL UNDER
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Page7. Unemployment Rates by Sex an
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Page53. Maximum Percent Change in E
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We have specific problems, too, asi
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This curtailment of supply does, of
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consumption we would not have chose
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outside the food and fuel sectors a
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about $14 billion from deficit to s
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8 percent, at annual rates. Continu
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A third method, which seems to have
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DEVELOPMENT OF LOW-COST ENERGY FOR
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would otherwise have been invested
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TRANSPORTATION REFORMLast year the
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constraints. Restrictions on entry
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In early 1974 the Commerce Departme
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Consumer SpendingConsumer expenditu
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Chart 1Changes in GNP, Real GNP, GN
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During the fourth quarter the downt
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A number of points may be noted abo
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income do not appear to have played
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Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
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The unemployment rate for adult mal
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from job losers, the remainder of t
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to maintain a somewhat larger work
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Chart 3Changes in Selected Price Me
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TABLE 12.—Changes in selected pri
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production workers, and it is sensi
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the profits that companies report a
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Two measures of changes in income t
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About $8 billion of the growth in e
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effect of covered wage and employme
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Since these apparent stabilization
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MONETARY POLICY AND FINANCIAL MARKE
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lation requiring ceilings on all CD
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TABLE 19.—Offerings of new securi
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CHAPTER 3Inflation Control Under th
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(A more detailed presentation of th
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ate of advance in grocery store foo
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to the economy but also in the sens
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were imposed, limiting prices to th
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spurring of domestic inflation by e
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was more than twice as high in 1973
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wage increases in many cases, const
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TABLE 26.—Behavior of items in co
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Chart 6Changes in RelatedWholesale
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and natural gas. A complex set of f
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CHAPTER 4Energy and AgricultureFOR
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al gas have contributed to the low
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TABLE 30*—Wholesale prices, all i
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tion sector, which in 1972 accounte
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United States on oil imports, OPEC
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of old oil and prices of imported a
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LONG-TERM PROSPECTSThe price of imp
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important that the higher costs be
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improving the environment. The fund
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pollutants into the atmosphere will
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of research and rapid mechanization
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lion in fiscal 1972. Actually the a
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a minimum income. Unless prices fal
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The Administration supports the exa
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and estimates of some of these effe
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Since families typically pool their
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ability were not perfectly correlat
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Farm wages and farm income received
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TABLE 37.—Average usual weekly ea
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Chart 9Real Incomes for Men in Diff
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ecause they have acquired more expe
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whose owners or white workers have
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Several factors can be mentioned to
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y social pressures, however, which
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TABLE 42.—Relation of wage and sa
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ferences in their mix of occupation
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for public housing may be valued by
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8 to 20 percent for black females.
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sufficiently high to cover the addi
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TABLE 45.—Federal Government tran
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given to the problems of poverty du
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TABLE 47.—Trends in the employmen
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enefit increases greater than the i
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(Table 45). Medicare is chiefly des
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Public assistance is specifically d
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Then, subtracting equation (4) from
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policies, and the tensions among co
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In the fourth quarter the dollar ro
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which include trade, grants and oth
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tarily by foreign central banks, ev
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ply of oil, and by domestic price c
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in the United States. In view of th
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TABLE 52.—U.S. balances on intern
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esult from changes in market value
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TABLE 54.—Major changes in capita
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attempt was made to agree on a code
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The official price of gold was rais
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system, these demand changes were a
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What Pressures Should Be Exerted on
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The composition of reserves among d
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prices of approximately the same or
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tained, they would probably be felt
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Reducing Nontariff BarriersIn order
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Structural problems. Agreements on
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arrangements which are designed to
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capital and the means of putting th
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Canada and four smaller countries u
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currencies have appreciated relativ
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Effective Changes in Other Currenci
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Activities of the Advisory Committe
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Appendix BREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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govern the exploitation of the reso
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Manpower and Social Affairs Committ
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Junior Staff EconomistsJames S. Fac
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Appendix CSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE C-2.—Gross national product
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TABLE C-3.—Implicit price deflato
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TABLE C—8.—Gross national produ
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TABLE C-10.—Gross national produc
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TABLE C-12.—Personal consumption
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TABLE C-14.—Relation of gross nat
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TABLE C—16.—Relation of nationa
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TABLE C-18.— Total and per capita
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TABLE C-19.—Sources of personal i
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TABLE C-21.—Saving by individuals
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POPULATION, EMPLOYMENT, WAGES, ANDP
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TABLE C-24.—Noninstitutional popu
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TABLE C-26.— Selected unemploymen
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TABLE C—28.—Unemployment insura
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TABLE C-29.—Wage and salary worke
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TABLE C-31.—.•Average weekly ea
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TABLE C-33.—Changes in output per
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TABLE C—35.—Industrial producti
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TABLE C-37.—Capacity utilization
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TABLE C—38.—New construction ac
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TABLE C-39.—New housing starts an
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TABLE C-41.—Sales and inventories
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TABLE C-43.—Manvjacturers* new an
Page 307 and 308: TABLE O45.—Consumer price indexes
Page 309 and 310: TABLE C—47.—Consumer price inde
Page 311 and 312: TABLE C~49.—Wholesale price index
Page 313 and 314: TABLE C-50.—Wholesale price index
Page 315 and 316: 194819491950.,1951195219531954Yearo
Page 317 and 318: TABLE C-53.—Commercial bank loans
Page 319 and 320: TABLE G-54.—Total funds raised in
Page 321 and 322: TABLE C-56.—Federal Reserve Bank
Page 323 and 324: TABLE C-58.—Bond yields and inter
Page 325 and 326: TABLE C-59.—Short- and intermedia
Page 327 and 328: TABLE C-61.—Mortgage debt outstan
Page 329 and 330: TABLE C-63.—Net public and privat
Page 331 and 332: TABLE C-65.—Federal budget receip
Page 333 and 334: TABLE C-66.—Relation of the Feder
Page 335 and 336: TABLE C-68.—Receipts and expendit
Page 337 and 338: TABLE C-10.—State and local gover
Page 339 and 340: TABLE C-72.—Estimated ownership o
Page 341 and 342: CORPORATE PROFITS AND FINANCETABLE
Page 343 and 344: TABLE C-76.—Relation of profits a
Page 345 and 346: TABLE C-77.—Sources and uses of f
Page 347 and 348: TABLE C-79.—State and municipal a
Page 349 and 350: TABLE C-81.—Business formation an
Page 351 and 352: Year1929...1933...1939...1940...194
Page 353 and 354: TABLE C-85.—Indexes of prices rec
Page 355 and 356: TABLE G-87.—Comparative balance s
Page 357: TABLE G-88.— U.S. balance of paym
Page 361 and 362: TABLE C-92.—International reserve
Page 363 and 364: TABLE G-94.—International investm
Page 365: TABLE C-96.—Consumer price indexe
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ECONOMIC

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