| Commodity terms of trade | = | Ppc/Pmf |
| Double factoral terms of trade | = | (Px/Pm)*(Ax/Am) |
| Gross barter terms of trade | = | (Qm/Qx) |
| Income terms of trade | = | PxQx/Pm |
| Net barter terms of trade | = | (Px/Pm) |
| Single factoral terms of trade | = | (Px/Pm)*Ax |
| where: | ||
| Ax | = | Factor productivity of imports |
| Am | = | Factor productivity of exports |
| Qm | = | Quantity of imports |
| Pm | = | Price of imports |
| Pmf | = | Price of manufactures |
| Ppc | = | Price of primary commodities |
| Px | = | Price of exports |
| Qx | = | Quantity of exports |
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