Source: WTO.

Global Exports of Merchandises, 1963-2005

Conventionally, international trade was dominated by raw materials such as iron ore, oil and wheat. While national markets tended to protected for the imports of manufactured goods, commodities, particularly strategic ones (oil, grains, etc.), were less restricted. Since the 1970s, manufactured products have taken a growing share of the value of international trade. While they accounted for 53% of all exports in 1963, this share climbed to 72% in 2005. Several factors can be associated to this change, such as technology and the globalization of the economy. Technological innovations in the transport sector, namely containerization, have enabled a fast and efficient handling of manufactured goods, thus lowering transportation costs. Also, the globalization of production has increased the trade of manufactured goods with a fragmentation of consumption and production functions. It is even possible that a part can be traded several times if it is used for the assembly of a more complex product. The share of mineral and agricultural products in the global trade is likely to remain similar or even increase slightly as commodity prices increase due to higher demands and higher costs, particularly from developing countries. The rising price of oil and other commodities (or the debasement of major currencies) is likely to result in a higher share of mineral products in international trade.