Terms of Trade Indices in the Presence of Re‐Export Trade

P. J. Lloyd and Roger Sandilands

The Economic Record, 1985, vol. 61, issue 3, 667-673

Abstract: This paper shows how the index of the commodity terms of trade as ordinarily constructed should be adjusted to take account of re‐exports in the broad sense of the use of intermediate inputs in export activities which had been imported. The neglect of this adjustment produces indices which generally overstate the movement of the terms of trade. An empirical study of Singapore suggests that the bias may be substantial.

Date: 1985
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