Commentary

Quarterly Bulletin 1967 Q3
Published on 01 September 1967

In the three months from May to July, covered by this Commentary, the inflow of foreign exchange, which had been substantial earlier in the year, slowed down and was then reversed. The earlier growth in exports was not maintained, because of slackening demand in some of the United Kingdom's main overseas markets; while imports, which had been expected to decline after the rush of arrivals that followed the abolition of the import surcharge, remained high. Nevertheless, taking the identified balance of payments position on current and long-term capital accounts together with the balancing item, there was probably still a small external surplus in the second quarter of 1967.

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