Terms of trade

Terms of trade are the ratio of a country's export prices to its import prices. They measure how much imported goods a given amount of exports can buy.

Net barter terms of trade: The ratio of an export price index to an import price index, usually multiplied by 100. This is the standard price-ratio measure underlying the general concept.
Commodity terms of trade: The ratio of prices received for a country's commodity exports to prices paid for its imports. It highlights exposure to swings in primary-product prices.
International trade: The exchange of goods and services across national borders. Terms of trade describe the relative prices within cross-border exchange.
Gross barter terms of trade: The ratio of the physical quantity of imports to the physical quantity of exports. It is a quantity-based alternative to the usual price-based measure.
Income terms of trade: A measure combining net barter terms of trade with the volume of exports. It adjusts the price ratio for how much a country exports.
Prebisch–Singer hypothesis: The hypothesis that the relative prices of primary commodities tend to decline over the long run against manufactured goods. It links export composition to possible long-run deterioration in trade purchasing power.
Trade balance: The value of a country's exports minus the value of its imports over a period. Unlike the price ratio, it measures trade values rather than relative prices.
Factoral terms of trade: A measure adjusting terms of trade for productivity in producing exports. It asks how much import purchasing power export labor gains, beyond price movements.
Export price index: An index tracking changes in the prices of a country's exported goods and services. Its movement supplies the numerator of the standard ratio.
Commodity price cycle: Recurring fluctuations in prices of raw materials and primary commodities. These swings can sharply change commodity exporters' terms of trade.

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