UWAGI O TERMS OF TRADE WE WSPÓŁCZESNYM HANDLU MIĘDZYNARODOWYM
ON TERMS OF TRADE IN CONTEMPORARY INTERNATIONAL TRADE

Summary/Abstract: In contemporary international trade, commodity terms of trade do not provide an appropriate reflection of the benefits and competitiveness of foreign trade of individual countries and world regions. It is income terms of trade, i.e. the export purchasing power, which offer a much more accurate measurement of benefits yielded by foreign trade and criterion of its profitability. The latter indicator – unlike commodity terms of trade – takes into account also the impact of another important factor, i.e. export volume. Commodity terms of trade provide a considerably accurate reflection of the benefits and competitiveness of foreign trade for primary commodities. The role of these commodities in contemporary international trade, however, has considerably decreased over the years. At the same time, the share of manufactured goods has been rising in the last decades also in the exports of developing countries (particularly China and the so-called new industrialised economies).

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