The Contribution of Petroleum and Mineral Resources to Economic Development

It is estimated that in 1964, 42 percent of the exports of the developing countries consisted of petroleum and nonfuel minerals and metals (see table 1). These commodities have accounted for about two-thirds of the rise in exports of the developing countries over the past decade, and they give promise of making the largest contribution to the expansion of exports by developing countries over the coming decade. Between 1953-55 and 1964 Table 1 Exports of Developing Countries, 1964 <xref ref-type="fn" rid="tbl1fn1"> ^a </xref>

Export	Value (billion $) b	Percent of total
Primary products
Agricultural products	16.0	47.0
Minerals, base metals, and fuesl	14.4	42.2
Subtotal	30.4	89.2
Manufactures	3.7	10.8
Total	$34.1	100.0

Source: United Nations Conference on Trade and Development, UNCTAD Commodity Survey 1966 (New York: United Nations, 1966), pp. 76–77. a

Developing countries comprise all non-Communist countries and territories in South and Central America (including Mexico and the Caribbean Islands), Africa (other than South Africa), Asia (other than Japan and Turkey), and Oceania (other than Australia and New Zealand).

b

Unless otherwise specified, $ will represent U.S. dollars throughout this volume.