World Trade in Manufactures

World exports of manufactures have risen rapidly in the last decade—indeed faster than world manufacturing production (chart 1). There were checks in 1951–53 and in 1958; even so the yearly rate of rise since 1950 has been 9 per cent in value, 7 1/2 per cent in volume. The pattern of this trade has been changing, particularly in the last five years: markets have grown faster in the industrial countries than in the less developed parts of the world (chart 2). Since 1954, in value terms, the exports of manufactures to the United States and to OEEC countries have been rising at an average rate of 17 per cent and 10 per cent a year respectively; to Latin America and the sterling area, only 3 1/2 per cent and 4 1/2 per cent.