Economic Report of the President

TABLE B-I05.— World trade balance and current account balances, 1965, 1970, 1975, and 1977-80[Billions of U.S. dollars]Area and country1965 1970 1975 1977 1978 1979 1980'World trade balance 2Developed countries 3-7.09.7-27.4-59.1-34.0-88.1-109.9United StatesCanadaJapanEuropean Community 44.3-.23-4.5.82.5.4-3.94.2-2.1-21-3.5-36.31.397-7.9-39.41.918 4-.7-37.11.4-75-26.9-34.32.9-121-59.7FranceWest GermanyItalyUnited Kingdom-.2.3-.2-2.3-1.04.3-1.8-2.4-.815.2-3.6-9.6-5.516.6-2.B-6.3-2.420.7-.4-6.9-6.312.2-5.7-11.9-1863.5-18.4-3.2Other developed countries-6.9-9.5-23.8-26.0-14.2-17.9-6.7Developing countries-1.8-2.114.334.04.958.793.1OPEC 5Other4.2-6.07.7-9.859.0-44.762.5-28.547.442.4108.2-49.5158.3-65.2Communist countries 6.5.5-10.4.1-6.9.03.9USSREastern EuropeChina.1.2.21.1-.4— .2-3.7-6.0-.24.3-5.91.01.6-7.0-1.17.0-5.1-1.99.0-5.5.0TOTAL 7-8.2-11.4-23.5-25.0-36.0-=29.4-12.9Current account balances 6OECD3.86.81.0-24.99.0-35.5-73.5United StatesCanadaJapan5.4-11.92.31.12.018.3-4 7.7-14.1-4 010.9-14.3-4416.5-.8-44-8.85.5-35-13.3European Community 41.13.41.21.115.8-13.5-38.5FranceWest GermanyItalyUnited Kingdom4-1.622-.1.1.91.11.914.0_ 8-3.7-3 04.225-.5378.7621.212-5.55.1-3.9-78-17.3-5.34.5Developing countries.-8.5-3.016.5-18.031.066.0OPEC 5Other ....-.5-8.027.0-30.029.0-12.54.5-22.568.0-37.0116.0-50.0Other 9 ... . ... ....-2.9-18.0-8.5-9.5-3.0-5.0TOTAL .4.6-20.0-16.9-18.5-7.5-12.51 Preliminary estimates.2 Exports f.a.s. (free alongside ship) less imports c.i.f. (cost, insurance, and freight).3 includes the OECD countries, South Africa, and non-OECO Europe.4 Includes Belgium-Luxembourg, Denmark, Ireland, and the Netherlands, not shown separately.5 Includes Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Qatar, Saudi Arabia, United Arab Emirates, andVenezuela.6 Includes North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia, not shown separately.7 Asymmetries arise in global payments aggregations because of discrepancies in coverage, classification, timing, and valuation in therecording of transactions by the countries involved.* OECD basis.9 Includes Communist countries and non-OECD developed countries.Sources: International Monetary Fund, Organization for Economic Cooperation and Development, and Council of Economic Advisers.351