Construction et emploi d'un indice du rapport d'échange pour l'Afrique occidentale française

[eng] SUMMARY The author has first calculated an index of the terms of trade for French West Africa covering the period 1945-1954 The index of import prices used is the same as that established by Lengelle in report on fats and oils in the French union This index contains only prices of commodities imported for consumption of the native population in which textile goods have very large weight The export price index îrî based on .o.b export prices of groundnuts coffee cocoa priim kernel ilad palm oil which together amount for about 80 per cent of total exports of this territory The terms of trade thus measured are akin to the pro terms of trade rnther than to the usual concept which covers prices of all imported commodities The fluctuations of the terms of trade index and of its components import prices individual export prices throughout the period are ana lysed In 194.; the terms of trade were mudi worse than before the war They rose n-ipully and reached the 1938 level in 1947 new increase was recorded diu in.g the Korean boom tind the improvement continued unti 1954 These movements of the terms ol trade have been of exceptional magnitude and they often have diverged sharply from tho ïe observed in mos r;iw material producing countries The causes of these fluctuations have been complex world prices of export commodities inflation hi France and French West Africa price controls and price support schemes variations in exchange rates have been among the main factors But it is difficult to discern clear pattern of common factors applying to aU export commodities It is shown in particular that the two appreciations of the local currency .A franc relative to the French fraui hâve had Httle effect if any upon the terms of trade of the territory Finally an attempt is made to measure the effect of price support scheme and preferential import systems in France upon export prices of the territory It is found that the effect of this in 1954 was to rilise the weighted average of export prices by about 10 per cent above world price