Minerals In The World Economy

In overall aggregate, the world's mineral industry in 1987 experienced a more satisfactory year than in 1986, at least insofar as its performance could be assessed from traditional statistical indicators. Production, trade and consumption seemingly advanced in the case of the majority of commodities, and prices for a number of commodities advanced. It was by no means certain, however, whether 1987 investment in mineral industry ventures would top the levels of 1986, when, in the case of petroleum industry investment expenditures there had been a sharp decline, this in contrast to evidences of a slight upturn in steel industry investment. World crude mineral output value was estimated at more than $1,084 billion, and the value added by minerals industry processing of this material probably raised the total value of the industry's production from primary materials to more than $2,600 billion constant 1983 dollars. Less easy too assess was the value of mineral commodities moving in international trade, but with a resurgence in oil prices from the 1986 levels, an increase above the 1986 $500 billion mark seemed assured. There are no comprehensive aggregate statistics on mineral consumption comparable to those on production and trade, but quantitative growth recorded for most major commodities suggested a favorable trend, particularly when coupled with a general (though by no means universal) upturn in unit prices.