The instability of the merchandise export earnings of developing countries in the ESCAP region, which in the short term is considerably greater than that in developed countries, arises largely from dependence on primary commodities. This instability is greater in the case of the least developed countries, and the developing Pacific island countries and territories, which depend predominantly on primary commodity exports. In these economies, the short-term instability of export earnings was about twice as high as the regional average during the past two decades, which added to their already disadvantaged and fragile economic situation.