15 to 20 per cent below the level of 1980. This is particularly disturbing as no less than 72 developing countries are primary commodity exporters in the sense that more than half of their export earnings are derived from primary commodity exports. 84. World trade revived in 1984, increasing by nearly 9 per cent in volume, which was about the average for the 1960-1973 period. But, while imports of the developed countries increased by over 12 per cent, imports of the developing countries increased by less than 4.0 per cent in volume, reflecting their low growth and the trade surpluses many of them had to generate to keep current on interest payments on their foreign debt. Centrally planned economies, not dependent on the United States recovery, had an average rate of growth of 5.5 per cent in their combined net material product, a figure partly boosted by the performance of the Chinese economy, which had a rate of growth of over 10 per cent in 1984. 85. The intensity of the United States-led recovery is beyond dispute. But there are doubts about its sustainability and the prospects for its international propagation, which relate to two historically unprecedented and unsustainable sets of disequilibria. 86. The first set of disequilibria consists of trade and current account imbalances among developed market economies. The combination of an expansionist fiscal policy and restrictive monetary policy in the United States coupled with deregulation of financial markets has led to higher interest rates and to massive capital inflows into that country, contributing to the financing of the United States growth and leading to an overvaluation of the dollar. There was a swing of $105 billion in the United States current account position, from a surplus of $13 billion in 1981 to a deficit of $92 billion in 1984. Other developed market 
**Analysis**
The text discusses the global economy, specifically the decline in primary commodity exports, the recovery of world trade, and the disequilibria in trade and current account imbalances among developed market economies. It does not focus on any specific sector or industry, but rather on the macroeconomic trends and issues. Therefore, it is likely that the text falls under a category that encompasses global economic issues.

**Category**
International trade