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Trade of Developed and Less Developed Noncommunist Countries in Selected Years (billions of dollars) Exports to DCs LDCs Total Exports to DCs LDCs Total Exports to DCs LDCs Total Exports to DCs LDCs Total SOURCE : (a) 1953 Exports from $29 DCs (42%) 16 45 (23) (65) $18 LDCs (26%) $47 Total (68%) 6 24 (9) (35) 22 69 (32) (100) $374 92 466 Total (80%) (20) (100) (b) 1973 Exports from $294 69 363 DCs (63%) (15) (78) $ 80 23 103 LDCs (17%) (5) (22) (c) 1989 Exports from DCs $ 1638 (60%) 423 (16) 2061 (76) $436 229 665 LDCs (16%) (8) (24) $2074 652 2726 Total (76%) (24) (100) (c) 2005 Exports from $ 4557 1644 6201 DCs (45%) (16) (61) LDCs $2041 (20%) 1917 (19) 3958 (39) GATT, WTO, International Trade Statistics. Total $6598 (65%) 3561 (35) 10159 (100) International trade has grown more rapidly than world production in nearly every year since the Second World War. Average annual % rate of growth, 2003-2005, in: merchandise trade: world GDP: SOURCE : 4.5% 2.5% WTO, International Trade Statistics The largest part of world trade is that among the developed countries themselves, rather than between these countries and the less developed. We would expect differences in comparative costs and tastes to be much more marked between the two groups of countries than between individual developed countries. The fraction of world trade accounted for by trade between the less developed countries themselves is minor. Trade among the DCs has increased much faster than trade in general — over the period as a whole — and thus has accounted for an increasing proportion of total trade. International Trade in Manufactures (a) The Pattern of Trade in Manufactures, 1985 (billions of dollars) (b) The Pattern of Trade in Manufactures, 1992 (billions of dollars) Exports from Exports from Exports to DCs $696 (73%) 197 (78) DCs LDCs LDCs Exports to $97 (33%) 43 (37) DCs LDCs DCs $1519 (79%) 474 (76) LDCs $330 (54%) 213 (79) (c) Relative to Total Trade Year 1928 1953 1973 1992 SOURCES : Value ($bil.) 12 32 350 2653 % of Total Trade 39 45 61 73 U.N., Monthly Bulletin of Statistics, and GATT, International Trade. The DCs, on balance, export manufactures to the LDCs in exchange for primary products. The DCs also exchange manufactures among themselves. Trade among the DCs features a large and growing volume of intra-industry trade, both absolutely and relative to inter-industry trade. LDC exports of manufactures are the fast-growing part of world trade, although their absolute share is still modest. International Trade of the U.S. in 2006 (billions of dollars) Partner DCs Canada EU Japan LDCs Mexico China TOTAL (a) Direction Exports Imports 540 866 231 306 210 330 58 149 513 995 139 201 55 288 1023 1861 s) (b) Composition (1992) Commodity Group Ex.-Im. Food 9 Petroleum -56 Other raw materials 2.1 Capital goods 37 Automotive -51 Other consumer goods -63 SOURCE: Survey of Current Business.