A73/208 cent. On the other hand, exports in Egypt and Kenya grew by only I per cent. Export also rebounded strongly in most Latin American countries Exports in Brazil grew by 17.5 per cent, in Chile by 12.5 per cent and in Mexico by 9.5 per cent. An exception among the broad-based rebound in Latin American countries was Argentina, whose exports grew by only I per cent. The heterogeneity in recoveries across nations highlights the need for the nuanced and varied policy approaches required to achieve Sustainable Development Goal target 17.11, as well as the fragility of gains made in this context 7. In the past few years, the dynamics of South-South trade have also changed. As f2017, trade between developing countries accounted for about 27 per cent of global trade. While South-South trade fuelled a large part of the trade expansion during the 2000s(see figure Ill), its role as engine of global trade growth has diminished during the past five years. Of note is that about half of South-South trade involves China Excluding trade between China and other developing countries, South-South trade represents about 13 per cent of world trade. South-South trade was more affected by the trade downturn of 2015 and 2016 as well as by the rebound of 2017. This could have important implications for the ability of countries to harness trade to achieve the Sustainable Development Goals South-South trade(as percentage of global trade) 20% 200020012002200320042005200620072008200920102011201220132014201520162017 South-South South-China Source: UNCTAD secretariat. based on data from UN Comtrade A. Commodities trading is critical for most developing countries 8. Commodity prices have played a substantial role both in the collapse of nternational trade and in its recovery, Given that almost two thirds of developing countries are commodity-dependent, with the proportion being about 80 per cent among least developed countries, commodities prices remain hugely influential on the export earnings of many countries. Ultimately, price movements affect the abili of developing nations to address their socioeconomic development needs and fulfil the Sustainable Development Goals. In this regard, while commodity prices increased across the board in 2016, the trends in 20 17 were more varied(see figure IV). Overall commodity prices kept increasing, as measured by the United Nations Conference on 4/22A/73/208 4/22 18-12039 cent. On the other hand, exports in Egypt and Kenya grew by only 1 per cent. Exports also rebounded strongly in most Latin American countries. Exports in Brazil grew by 17.5 per cent, in Chile by 12.5 per cent and in Mexico by 9.5 per cent. An exception among the broad-based rebound in Latin American countries was Argentina, whose exports grew by only 1 per cent. The heterogeneity in recoveries across nations highlights the need for the nuanced and varied policy approaches required to achieve Sustainable Development Goal target 17.11, as well as the fragility of gains made in this context. 7. In the past few years, the dynamics of South-South trade have also changed. As of 2017, trade between developing countries accounted for about 27 per cent of global trade. While South-South trade fuelled a large part of the trade expansion during the 2000s (see figure III), its role as engine of global trade growth has diminished during the past five years. Of note is that about half of South-South trade involves China. Excluding trade between China and other developing countries, South-South trade represents about 13 per cent of world trade. South-South trade was more affected by the trade downturn of 2015 and 2016 as well as by the rebound of 2017. This could have important implications for the ability of countries to harness trade to achieve the Sustainable Development Goals. Figure III South-South trade (as percentage of global trade) Source: UNCTAD secretariat, based on data from UN Comtrade. A. Commodities trading is critical for most developing countries 8. Commodity prices have played a substantial role both in the collapse of international trade and in its recovery. Given that almost two thirds of developing countries are commodity-dependent, with the proportion being about 80 per cent among least developed countries, commodities prices remain hugely influential on the export earnings of many countries. Ultimately, price movements affect the ability of developing nations to address their socioeconomic development needs and fulfil the Sustainable Development Goals. In this regard, while commodity prices increased across the board in 2016, the trends in 2017 were more varied (see figure IV). Overall commodity prices kept increasing, as measured by the United Nations Conference on 0% 5% 10% 15% 20% 25% 30% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 South-South South-China