Re: [OPE-L] [Jurriaan] Notes on gold

From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Wed Oct 19 2005 - 21:13:04 EDT

----- Original Message -----
From: "Jurriaan Bendien" <>
Sent: Wednesday, October 19, 2005 12:03 PM
Subject: Re: [OPE-L] [Jurriaan] Notes on gold

> Jerry, you fig for UK tangibles seems odd... there is a permenent BoT
> deficit here in UK ...this doesn't fit .
> Paul Bullock

 You are correct, at least prima facie this percentage seems a bit odd. I do
 not know how the World Bank calculated imports and exports of goods, but
 note that the percentages concern the share of the UK in world imports and
 exports expressed in a standard currency. Theoretically, the value of world
 exports should be equal to the value of world imports, but whether this is
 statistically the case, I do not know offhand; there is another issue here
 in terms of timing of transactions for recording purposes. Typically in the
 UK, the balance of trade for goods is negative (a deficit), and the balance
 of trade for services is positive (a surplus), but the total trade balance
 is slightly negative, i.e. the negative balance on goods outweighs the
 positive balance on services. The trade balance is of course not the same
 the balance of payments. It is also possible, that I made a mistake in
 calculating the percentage, but I had some difficulty in finding the data
 set back again that I used, so to my regret I cannot definitely say just
 what the cause is.



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