The changing Japanese shares in world trade, reaching something over 7 per cent for both exports and imports in 1973, are included in Table I: Tables XXII and XXIII show the rapidly growing importance of Japan both as a market for exports and as a source of supply for Australia and New Zealand. India and Nigeria have also in recent years been able to take advantage of the high growth rate of the Japanese economy, its heavy dependence on imported raw materials and its competitiveness as a source of manufactures. This complementarity has been materially augmented by elements of bilateralism in Japanese trade strategy, and by the felt need for diversification of markets and sources on the part of some Commonwealth countries.


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