How important international trade is for the less developed nations is indicated by the fact that it frequently accounts for 20 percent or more of their total economy as against 8 percent for the economy of the United States. Indeed, trade is much more important to them than aid. Total exports of the less developed areas amounted to $31 billion in 1960, while the total flow of financial assistance from the industrial nations (including private foreign investment) amounted to $8 billion.
Despite these facts, very little is being done either within the less developed nations or through various aid programs to encourage their exports. Indeed,
Source URL: https://www.foreignaffairs.com/articles/asia/1963-01-01/trade-and-less-developed-areas