1 external sector ix i international environment during 2000 the argentine economy developed in a diverse context on one hand trade terms improved of growth our main partners and other sovereign risk emerging countries general argentina particular remained high all year grew significantly part october november to then fall as result agreements known financial shield 9 graph 5 this is highest variation rate last 15 years level reached by index was only exceeded two occasions 1996 1997 whole period said peaks com modities prices were reason such but while had been recorded for agricultural livestock products factor increase price oil which 74 higher than 1999 s adjustment process accompanied favored exter nal placement manufactured brazilian gdp first nine