Recent trends in the primary exporting countries

Balance of payments pressure continued to act as a major restraining influence on economic developments in the primary exporting countries in 1961. The slackening rate of growth in western Europe tended to curb the demand for imports from the primary exporting countries and there was no compensating expansion in demand from North America. As a result, the volume of exports from the primary exporting countries rose less between 1960 and 1961 than in the preceding interval. The effect of this slackening was enhanced by a further decline in the average price of primary commodities moving in world trade: the over-all terms of trade deteriorated by about 2 per cent and, in the aggregate, export earnings were only 2 per cent above the 1.960 level.

Related Subject(s): Economic and Social Development
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