Since 1981, major changes have occurred in the pattern of trade of developing countries (Tables A15 and A16). Their share of world exports has declined, reflecting the substantial decline in the value of oil exports that offset the increase in their share of world non-oil exports, including world manufactured exports. The rapid growth of exports of the four Asian newly industrializing economies (NIEs)—Hong Kong, Korea, Singapore, and Taiwan Province of China—stands out in this trend. An increasing proportion of developing countries’ exports of manufactures was directed toward industrial countries, reflecting the continued importance of industrial countries as a market for the products of developing countries.