Trade

In 1988, the aggregate value of total world international export trade in mineral commodities was estimated at nearly $542 billion in current (1988) dollars, which was about 8.6% above the 1987 level, but still 23.7% below the record high set in 1980. Comparable comprehensive data for 1989 were not available in time for inclusion in this chapter, but 1989 returns for developed market economy countries only were 1 1.8% above those for 1988. These countries accounted for about 50% of the total mineral commodity export trade in 1988. It would be unsound to utilize the overall 11.8% growth rate for mineral commodity export trade for these countries to extrapolate the growth in total world mineral commodity trade because these developed market economy countries account for substantially different shares of the five major mineral commodity groups listed in table 2. Specifically, developed market economy countries in 1988 accounted for 56% of world export of ore, concentrate, and scrap, 74.7% of world exports of iron and steel, 71.7% of world exports of nonferrous metals, and 57.8% of all exports of crude nonmetals, but only 26.6% of world exports of mineral fuels. Moreover, even within each of these groups, the actual product mix included in developed market economy country aggregates differ from that in developing market economy country aggregates and in centrally planned economy country aggregates. Nonetheless, an increase of 9% to 12% in the value of world mineral commodity export trade seems indicated by available returns.