FOREIGN TRADE: Shift

Ever since 1937, U.S. exports have far outstripped imports, thus helped create the worldwide dollar shortage. Last week the Census Bureau reported that the balance of trade has finally swung the other way. During August, U.S. imports, reaching an alltime high of $819 million, exceeded exports by $58 million. The shift (TIME, Oct. 2) was due to such things as the Korean war (which stepped up U.S. buying abroad and reduced exports), devaluation of foreign currencies, and Marshall Plan rehabilitation abroad. The chances were that exports & imports would stay just about in balance for another year or two—a...