This increase has occurred together with a greater diversification in terms of products and, especially, destinations. This has been boosted by a very active trade policy pursued over the last years to open and diversify markets. For example, the number of countries Argentina sells its products has grown steadily from 159 in 1999 to more than 190 in 2006.
This factor clearly helps mitigating the risks associated with adverse shocks in some of our trade partners. And, despite a likely deceleration in the US and, probably, in Europe, I am not expecting a significant shift away from this scenario any time soon. Today, commodity prices depend almost exclusively on the long-term equilibrium between supply and demand in each particular market.