New summary measures of the foreign exchange value of the dollar

Federal Reserve Bulletin, Oct, 1998

Note. Nonagricultural exports military exports and gold. Source. U.S. Department of Commerce, Bureau of Economic Analysis.

4. U.S. non-oil imports and nonagricultural exports,
by country or region, 1997

     Country or region       Level         Share of
                         (billions of    U.S. non-oil
                         U.S. dollars)      imports
                                           (percent)

Canada                      299.399          21.17
Euro area                   202.907          14.35
Japan                       175.580          12.42
Mexico                      143.263          10.13
China                        73.206           5.18
United Kingdom               63.850           4.52
Taiwan                       49.111           3.47
Korea                        44.674           3.16
Singapore                    37.195           2.63
Malaysia                     27.675           1.96
Brazil                       24.722           1.75
Hong Kong                    23.458           1.66
Thailand                     19.049           1.35

Philippines                  16.950           1.20
Australia                    15.781           1.12
Switzerland                  13.271            .94
Indonesia                    12.463            .88
Israel                       11.956            .85
India                        10.734            .76
Sweden                       10.235            .72
Argentina                     7.061            .50
Saudi Arabia                  6.956            .49
Chile                         6.506            .46
Russia                        6.329            .45
Venezuela                     5.967            .42
Colombia                      4.612            .33

MEMO
Broad index group          1317.214           93.15
Major currency group        781.022           55.23
OITP group                  536.192           37.92
G-10                        736.683           51.10

Note. Nonagricultural exports exclue military exports and gold. Source. U.S. Department of Commerce, Bureau of Economic Analysis.

The countries with currencies in the broad index are also important in global trade (table 5). The countries and regions whose currencies are included in the indexes generate more than 75 percent of the world's gross national product (outside the United States), measured on the basis of purchasing power parity (table 6). The list of currencies included in the broad index will be re-evaluated annually when the currency weights are updated.

5. Multilateral non-U.S. trade shares, 1996

  Percent of world trade

                                  Trade share

     Country of region     Including        Excluding
                         intra-EU trade   intra-EU trade

Euro area                     34.73           14.62
Japan                          8.23            9.25
Hong Kong                      4.10            4.61
Canada                         4.01            4.50
China                          3.14            3.53
Korea                          3.04            3.42
United Kingdom                 5.86            3.22
Singapore                      2.78            3.12
Taiwan                         2.34            2.63
Mexico                         2.01            2.26
Switzerland                    1.71            1.92
Malaysia                       1.70            1.91
Thailand                       1.40            1.57

Russia                         1.39            1.56
Australia                      1.32            1.48
Brazil                         1.15            1.30
Indonesia                      1.01            1.13
Saudi Arabia                    .92            1.03
India                           .74             .83
Sweden                         1.63             .73
Philippines                     .57             .64
Israel                          .54             .61
Argentina                       .52             .58
Venezuela                       .37             .42
Chile                           .36             .40
Colombia                        .27             .30

MEMO
Broad index group             85.84           67.57
Major currently group         57.50           35.73
OITP group                    28.34           31.84
G-10                          50.15           32.00