C. Shares of World Trade in Manufactures

With competitors' capacity growing and no significant improve¬ ment in unit labor cost, the U.S. has lost much of its share of the world market for manufactures. Movements in the distribution of world exports of total manufactures for the period from 1953 to 1978 are shown in Table 6. The U.S. share fell from 29.4 percent in 1953 to 13.2 percent in 1976 and has been relatively constant throughout the 1970s.
During the 1950s, gains were made by Western Europe, especially Germany, the CPEs, and Japan. During the 1960s Japan's share
125
Critical Issues & Decisions
TABLE 5
INDEX OF U.S. WEIGHTED RELATIVE UNIT LABOR COST 1975= 100
YEAR
RELATIVE COST
INDEX
1961
152.6
1962
151.8
1963
151.0
1964
151.2
1965
148.1
1966
147.5
1967
148.1
1968
151.4
1969
151.2
1970
144.8
1971
137.0
1972
123.9
1973
110.1
1974
105.9
1975
100.0
1976
105.0
1977
103.1
1978
94.6
1979
93.0
Source: International Monetary Fund
TABLE 6: DISTRIBUTION OF EXPORTS OF MANUFACTURES (SITC 5-8)
1953 1956 1959 1962 1965 1968 1971 1974 1976
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3East Europe, U.S.S.R., PRC, Mongolia, N. Korea, N. Vietnam. 4Excludes S. Africa & Rhodesia.
5Excludes DevelopedCountries & CPEs.
6Republic of Korea, Hong Kong, Singapore.
Critical Issues & Decisions
increased very rapidly while growth of Western Europe slowed and the CPEs actually lost market shares. In the 1970s the growth countries have been the Asian LDCs, especially the newly industrial¬ izing countries. Japan's share has continued to increase but at a much slower rate.