(FORTUNE Magazine) – The Nineties have brought a new set of trade trends. The U.S. reversed its slippage as an exporter, helped by more competitive industries, the weaker dollar, and the growth of markets in developing countries -- including some old ones it lost when Latin America collapsed a decade ago. Robert S. Gay of Bankers Trust estimates that U.S. exports to Asia and Latin America will grow 15% to 20% this year. Unified Germany is drawing in more imports, a shift reflected in its current account balance. One continuing trend: the increasing importance of Asia's newly industrializing economies in world trade, especially with Japan.

WHERE U.S. EXPORTS GO Developing countries account for a fast-growing wedge of America's expanding export pie. Canada's share has shrunk, although it is still the largest.

WHO SELLS, WHO BUYS Though Japan takes the heat for aggressive exporting, the Asian NIEs have collectively captured a larger share of world markets. One big difference: They also import more.

CHILLING OUT Exchange rates have mostly settled down, and with prices in check, labor costs have eased. Japan's productivity growth slowed markedly because it lays off fewer people in hard times.

CHART: NOT AVAILABLE CREDIT: SOURCE: U.S. DEPARTMENT OF COMMERCE CAPTION: 1986 1991

CHART: NOT AVAILABLE CREDIT: WEFA GROUP CAPTION: SHARES OF WORLD TRADE THE DOLLAR UNIT LABOR COSTS CURRENT ACCOUNTS PRODUCTIVITY GROWTH