Econometric Analysis of Industrial Country Commodity Exports

This paper examines the composition of primary commodity exports by industrial countries and contrasts this composition with that of the exports by developing countries. Both the share of industrial countries’ commodity exports in world commodity exports, as well as in their own total merchandize exports, is examined over time and across different commodities and geographical areas. The paper then specifies and empirically estimates an econometric model of the demand for and the supply of commodity exports by industrial countries. The model is estimated for five groups of industrial countries and the parameters of the model are compared with those available for the developing countries.Export performance;Commodity prices;commodity exports, world exports, merchandise exports, total exports, export price, commodity trade, food exports, export earnings, exporters, income elasticities, export supply, exporter, developing country exports, commodity exporters, fuel exports, export demand, world price, agricultural exports, export prices, commodity export, world merchandise exports, countries ? exports, domestic price, world demand, value of exports, export shares, share of world exports, merchandise export, world trade, agricultural subsidies, world prices, economic community, importing countries, world economy, international trade, foreign trade, world markets, primary commodity exporters, imperfect competition, developing countries ? exports, oil imports, commodity composition, pattern of trade, world market, agricultural commodities, process of development, country exporters, elasticity of export, products exports, commodity exporter, trade restrictions, exporting country, regional trade, international markets, world market price, oil shock, price of exports