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World commodity trade in the globalisation processes

Author

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  • V. Jeníček

    (University of Economics, Prague, Czech Republic)

Abstract

The real trade development is estimated by the recalculation of nominal value through unit values (prices). The unit value indices reflect, besides the change of prices, also the changes in the structure and qualitative changes of the traded products. In the 70s, the average yearly increase of unit values reached 14% and reflected namely the inflation caused by the oil shocks. Since then, it reaches in average up to 1%. We can suppose that, under the normal conditions, unit values growth is rather the consequence of the qualitative and structural changes (increased share of the more sophisticated products of processing industry), in fact, prices in international trade have been decreasing for years already. The question whether the world trade growth rates decrease or accelerate is then still open. It is certain that the world trade volume growth rate (6.3%) has shown a considerable surpass to the production growth rate (4.1%).

Suggested Citation

  • V. Jeníček, 2007. "World commodity trade in the globalisation processes," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 53(3), pages 101-110.
    • Handle: RePEc:caa:jnlage:v:53:y:2007:i:3:id:454-agricecon
    DOI: 10.17221/454-AGRICECON
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