Full text of Bureau of Economic Analysis (BEA) News Releases : Statement by Acting Secretary of Commerce John K. Tabor on U.S. Foreign Trade in March

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UNITED

STATES

DEPARTMENT

OF

COMMERCE
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BÜ k

Em

j f ü

12=

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ü *

FO R

I M M ED I A T E

S T A T EM EN T

O FFICE
OF T H E
SECRETA RY

BY

W A SH I N G T O N , D . C .

R ELEA SE,

A CT I N G
ON U . S .

FRI D AY ,

20230

APRI L

25,

1975

S E C R E T A R Y O F CO M M ERCE JO H N
F O R E I G N T R A D E I N M ARCH

K.

T ABO R

Th e r e c o r d $ 1 . 4 b i l l i o n f o r e i g n t r a d e s u r p l u s f or
Ma r c h i s p a r t i c u l a r l y e n c o u r a g i n g b e c a u s e i t i s t he
s e c o n d c o n s e c u t i v e mo n t h of f a v o r a b l e t r a d e d e v e l o p me n t s .
Th e s e l a r g e s u r p l u s e s c l e a r l y r e f l e c t t h e s h a r p r e d u c t i o n
i n oi l
i mp o r t s a f t e r Fe b r u a r y 1, t h e d a t e Pr e s i d e n t Fo r d
i mp o s e d a $1 per b a r r e l
i mp o r t f e e on f o r e i g n p e t r o l e u m.
Th u s ,
i t a p p e a r s t h a t t h e Pr e s i d e n t ' s a p p r o a c h of s e t t i n g
a f ee on p e t r o l e u m as i t e n t e r s t h e c o u n t r y i s e f f e c t i v e .

t he

I f t h e c o s t of
i mp o r t f i g u r e s ,

f r e i g h t and i n s u r a n c e i s i n c l u d e d i n
t he t r a d e b a l a n c e wo u l d be $ 8 2 2 mi l l i o n .

We s h o u l d n o t c o n c l u d e t h a t t h e s e t
wi l l
c ont i nue i ndef i ni t el y .
As t he c u r r
s t o c k s a r e c o n s u me d , oi l
i mp o r t s wi l l
st
a n d t h i s wi l l
u n d o u b t e d l y put o u r t r a d e

r ade s ur pl us es
e n t l y l a r g e oi l
ar t r i s i ng agai n,
b a l a n c e b a c k i nt o

def i c i t .
Th e e x p e r i e n c e of t h e p a s t t h r e e mo n t h s d e mo n s t r a t e s
t h e d o mi n a n c e o f oi l
i n o u r f o r e i g n t r a d e p i c t u r e and
u n d e r s c o r e s t h e n e e d f o r s t r i n g e n t c o n s e r v a t i o n of oi l
us e an d i n c r e a s i n g l y v i g o r o u s e x p o r t e f f o r t s .

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