UN General Assembly
1974

38. The total values of the increase in exports of raw materials between 1972 and 1973 amounted to $40,000 million. Of that increase, the highly developed capitalist countries absorbed $29,000 million and the underdeveloped countries $11,000 million. It is demonstrably false that the third world derived any substantive benefits from the recent rise in commodity prices. But there is another point to be considered. The meager surplus obtained by the underdeveloped countries was in many cases wiped out by the deficit side of their foreign trade balances. They have had to face the devaluation of the dollar and the effects of inflation on their imports of manufactured goods and food.