Abstract

THE exceptionally high rate of expansion in almost all the industrial countries during 1963 and the continued prosperity in most of them in 1964 were associated with a rapid growth in world trade. The value of world exports, excluding those of Soviet countries and Mainland China, rose by no less than 12 per cent from 1963 to 1964, following an increase of 8½ per cent from 1962 to 1963 and one of nearly 5½ per cent from 1961 to 1962. The accelerated rate of growth from 1963 to 1964 was due in part to a faster rise in export prices (Table 12). These prices were higher than in 1963 in all the manufacturing countries except Japan, and in most primary producing countries, other than those exporting petroleum. The volume of world trade was about 10 per cent greater in 1964 than in 1963, compared with an increase of about 7½ per cent from 1962 to 1963.