Abstract

Since 1981, the industrial countries have restored their share of world exports to almost the level prevailing in 1973, before the quadrupling of oil prices (Table A1).20 The counterpart of this increase has been a decline in the developing countries’ share to less than 20 percent of world exports. The trends in the major industrial countries diverge: Japan’s share rose, whereas the U.S. share declined, and the EC share remained roughly stable if intra-EC trade is excluded.