Cashew- Paying for High-Priced Imports

Poor Prospects THE volume of world trade in the first three quarters of 1981 was about 2 per cent less than in the correspond- ing period of 1950. When the complete figures come in, it is more than likely they will show the first year-to- year decline in the volume of world trade since 1958. The decline in 1981 comes after a marginal rise of 2 per cent between 1979 and 1980. (The 1958 fall had been preceded by a more than 6 per cent increase.) The stagnation over the last two years marks the low point in the gradual deceleration of world trade: in the quarter century before 1973, world trade grew at about 8 per cent a year, between 1973 and 1979, growth in world trade came down to 4 per cent a year; since 1979 there has been no growth.