Mineral fuels represented 24.6 per cent of LDC exports in 1991. This share increased over the years to reach a peak of 64.4 per cent in 2008 before falling off to 55.4 per cent in 2011. Manufactures’ share of LDC merchandise exports has declined from a peak of 35 per cent in 2001 to 22 per cent in 2011 (Figure 7.7). Thus, while LDCs have managed to increase their exports significantly over the past decade, they have failed to broaden their export base. It appears that many LDCs have simply ridden the wave of increased demand for the raw materials and commodities they export, benefiting from improved terms of trade.