MANUFACTURED EXPORTS OF DEVELOPING-COUNTRIES AND THEIR TERMS OF TRADESINCE 1965 - A COMMENT

The results of Sarkar and Singer (1991) on the trends in the relative unit values of the manufactured exports of developing countries are se nsitive to the choice of end-year and to fluctuations in the unit valu es of US exports relative to those of the rest of the world. The relat ive unit values of US exports are highly correlated with movements in the US real exchange rate, and there is some evidence to suggest that Sarkar and Singer's findings primarily reflect changes in the real exc hange rates of developing countries.