FOREIGN TRADE: Cause & No Effect

U.S. exporters worried last fall that devaluation abroad would lose them foreign markets by boosting the price of exported U.S. goods. Last week the International Monetary Fund confirmed the exporters' fears about prices: they have risen an average of 16.1%. But the quantity of exports changed little in the first three months after devaluation. Reported the Commerce Department: after two months' decline, U.S. exports rose 13% in December to $942,800,000, the highest in six months. Nevertheless, the department expects exports to drop at least $1 billion, or 8%, this year.

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