Recent trends in primary exporting countries

The 1958/59 upswing in economic activity in the industrial countries occasioned a significant increase in the rate of consumption of raw materials and, with some delay, a modest expansion in demand for purposes of inventory. Much of the increased flow of materials originated in the primary exporting countries and was reflected in increased exports. Though there were some notable increases in price, available capacity-supplemented by withdrawals from stocks which producers had accumulated in the 1957/58 recession-was generally sufficient to sustain the higher rates of absorption. As a result export volume expanded in most countries to a much greater degree than export prices. For the primary exporting countries as a group this effect was accentuated by conditions in world markets for foodstuffs: in most cases supplies remained or became excessive, prices tended to sag and where export earnings increased it was entirely the result of expansion in the volume of shipments.

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