SSA: The External Debt/Export Ratio and Commodity Export Terms of Trade. Source: External debt and exports in U.S. dollars are from the World Bank, World Development Indicators online. The commodity export terms of trade is from Gruss and Kebhaj (2019). Note: The figure is based on 3-year centered moving averages of estimated time effects in a panel regressions with unbalanced samples. The samples for debt and exports include all country/years for which both nominal dollar values are available. The terms of trade sample includes all country/years in the debt/export sample for which the commodity terms of trade is also available.