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l représente un indicateur de la position d'un pays dans le commerce international. Il établit une comparaison entre la variation relative du prix des exportations (exprimée en indices) avec la variation relative du prix des importations (également en indices). Une détérioration des termes de l'échange signifie qu'un pays devra exporter une plus grande quantité de produits pour obtenir une quantité constante de produits importés.

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