Trade is of continuing importance for both developed and developing countries.
The share of farm products in merchandise trade has fallen over time and currently stands at about 12 percent at the world level. However, this average conceals the much greater dependence on agricultural trade of many individual developing countries, both as exporters and as importers. Low-income countries remain most heavily dependent on agricultural trade, often still relying on one or a few agricultural exports for the bulk of their foreign exchange earnings. Trade in food products has also exhibited similar trends since the early 1970s. Developing countries accounted for some 26 percent of total food trade in 1995-97, but about the same share as in 1980.