| Commodity terms of trade | = | Ppc/Pmf | ||||||||||||||||||||||||||
| Double factoral terms of trade | = | (Px/Pm)*(Ax/Am) | ||||||||||||||||||||||||||
| Gross barter terms of trade | = | (Qm/Qx) | ||||||||||||||||||||||||||
| Income terms of trade | = | PxQx/Pm | ||||||||||||||||||||||||||
| Net barter terms of trade | = | (Px/Pm) | ||||||||||||||||||||||||||
| Single factoral terms of trade | = | (Px/Pm)*Ax
|
| where:
| Ax
| = | Factor productivity of imports
| Am
| = | Factor productivity of exports
| Qm
| = | Quantity of imports
| Pm
| = | Price of imports
| Pmf
| = | Price of manufactures
| Ppc
| = | Price of primary commodities
| Px
| = | Price of exports
| Qx
| = | Quantity of exports
| |